Wallaces Express, the wine and spirits wholesaler based in Irvine, Ayrshire, improved its margins in the year to March 31 to soften the impact of a £1.5 million fall in turnover to £82.8m.
Pre-tax profit rose from £2.9m to £3m, according to accounts lodged at Companies House yesterday, following a rise from £2.3m the previous year, allowing Wallaces to sustain its position as Scotland's largest independent in the sector.
Directors Brian Calder and Chris Cosh, who own 80% of the company, say the results are "satisfactory considering the economic climate".
They say the gross margin was lifted last year from 15.97% to 16.24% and that "with reductions in operating costs the overall performance continues to improve". The accounts record a £1.5m rise in net assets from £10.6m to £12.1m.
Operating profit was up from £3.1m to £3.2m, and finance charges fell from £226,000 to £169,000.
The company paid out a £500,000 dividend (nil the previous year), after repaying £5m of debt and reducing overall borrowings from £6.7m to £2.9m.
Staff numbers fell by one to 295, and the highest paid director, thought to be Mr Calder, was paid £210,885, down from the previous year's £224,076 out of the £389,727 paid to the two directors.
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