JW Filshill, the long-established Glasgow-based wholesaler, has hailed the "transformational move" to a new HQ as profits and turnover edged up last year.
The company said the financial results were “positive” in the context of rising costs and a delay in switching base from Hillington to Westway Park near Glasgow Airport.
The fifth-generation business saw turnover increase to £203 million – up 2% from £199m – in the year ending January 31.
READ MORE: Glasgow family firm Filshill posts rise in profit
The firm that supplies the KeyStore convenience stores and independent retailers across Scotland and the north of England and national accounts including the Scottish Prison Service, also saw operating profits rise from £2.7m to £2.9m.
Filshill, which relocated from Hillington to new purpose-built premises at Westway Park near Glasgow Airport in March, recorded gross profit of £19.4m, up from £17m, while net assets increased to £18.9m compared to £17.1m the previous year.
Keith Geddes, chief financial and operating officer, said that he was “particularly pleased with these results given that they were achieved against the context of the rebalancing of the economy in the aftermath of the Covid pandemic and also the significant delay in moving to our new facility which had restricted the group’s ability to grow revenue due to having reached maximum operational capacity in Hillington”.
READ MORE: Historic Scottish wholesaler acquires sector stablemate
Mr Geddes highlighted that the “positive results had been achieved despite increases in operating costs absorbed by the business in supporting employees through the cost of living crisis, fuel price increases and recent rising inflation”.
He said: “Significant resource was also spent preparing for the move to the new site in Renfrew which was successfully completed just after this financial year end in March 2023.
“This move is transformational for the efficient operation of the business and sets the foundations for our planned growth over coming years.”
READ MORE: Glasgow wholesaler aims to double in size by 2031
Mr Geddes was also pleased with the successful integration of the Iain Hill Limited business in 2022 and the continued success of the previously acquired Eldorado Tonic Wine brand.
Pointing to issues the business faced during the year, Mr Geddes added: “We continue to work hard on building strong partnership based relationships with customers and key suppliers and we were again recently voted number one by suppliers in an independent survey by The Advantage Group across our key competitors for the thirteenth consecutive year.”
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