Wholesaler Wing Yip reports £2m fall in turnover to £101m

Oriental food wholesaler Wing Yip has reported a £2m fall in turnover to £101m for the year ending September 2016.

However, the Birmingham-based company’s pre-tax profits rose by £70,000 to £4.8m.

Wing Yip, which imports and distributes oriental food and merchandise, blamed fluctuating exchange rates and the state of worldwide agriculture for the 2.5% fall in turnover.

The group described its trading year as “challenging as we are subject to consumers’ spending patterns and their disposable incomes”.

It warned: “With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.”

Wing Yip’s latest accounts revealed it had more than doubled its takings from Europe to £350,000 compared with £170,000 in 2015, although UK revenues still accounted for 99% of turnover.

The group paid shareholders £675,000 over the period, and the company increased staff numbers from 348 to 359.

It paid £1.1m in UK corporation tax compared with £1m in 2015.