North East Convenience Stores has posted bumper full-year sales and profits thanks to its burgeoning store estate.
Pre-tax profits leapt 31% to £538,741 on sales up 37% to £19m in the year to 30 November 2012, according to accounts filed at Companies House.
Director Sanjeev Vadhera said the retailer, which broke into The Grocer’s ranking of the UK’s Top 50 independent grocery retailers in February this year at number 46, was reaping the benefits of its October 2011 acquisition of four stores from fellow Nisa member Leo Gillen.
All the stores had now been successfully integrated into the business and turnover had doubled. “The stores were a really good addition,” Vadhera told The Grocer. “They were a natural fit and a great acquisition.”
He added that since the year-end, trading had remained buoyant with like-for-like sales growth currently at about 8%.
Last week, NECS opened its 21st convenience store - a pub conversion in Stockton-on-Tees. It has also just secured a site for its 22nd store. It currently has 20 Nisa branded stores and one Loco store.
The accounts also revealed North East Convenience Stores was “spending considerable time and effort on its supply chain, improving day-to-day operations and driving efficiencies” after appointing former Mills Group sales and marketing director Dave Pickford as commercial director last year.
“The company has continued to show strong growth in a difficult economic climate,” the accounts added.