Food and drink wholesaler JW Filshill has reported a “stable” performance for the year ending January 31, with the industry-wide decline in tobacco sales being offset by sustained growth in other product categories.
The Glasgow-based company, which supplies more than 190 KeyStore convenience shops across Scotland and the north of England, maintained turnover in line with the previous year’s sales of £155 million.
Gross profit stood at 8.4 per cent, while net current assets rose to £11.1m from £10.3m in the previous 12 months.
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Keith Geddes, chief financial officer of the fifth-generation company, said the move from cash-and-carry to click-and-collect at its Hillington depot has been “particularly successful”.
“The market remains highly competitive and consolidation continues in the sector, but we are well-positioned to take advantage of the opportunities we are creating and continue to deliver growth outside of the tobacco category,” he added.
“During the year we continued to export a selection of alcohol and non-alcohol products via JW Filshill International Limited.”
The company’s international markets are primarily in the Asia-Pacific region. Domestically, it has national accounts with clients such as the Scottish Prison Service and CalMac alongside its KeyStore supply business.
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Chief executive Simon Hannah said he was confident that profit and turnover growth “will continue at a satisfactory level”, despite continuing uncertainty in the wider economy from Brexit and the coronavirus pandemic.
“We believe that we have taken the necessary steps to minimise the associated risks and to take advantage of the corresponding opportunities,” he said. “With regards to Covid, we have carried out the necessary risk assessments and continue to implement controls to minimise the risk exposure.”
The group also said that it remains on track to relocate to a 120,400sq ft purpose-built distribution centre at Westway Park near Glasgow Airport in early 2022.
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