Reynolds profits buoyed by IT investment and debt reduction

Reynolds: high quality of data improves efficiencies

Reynolds Catering Supplies has reported a 30% hike in full-year profits.

Pre-tax profits jumped from £1.03m to £1.4m in the year to 31 December 2012 on sales up 6% to £156.4m, according to accounts filed at Companies House.

Writing in the accounts, MD Tony Reynolds said the fresh fruit & veg distributor had been boosted by slashing its net debt from £5.4m to £600,000 and continued investment in IT.

“Throughout 2012 we have been able to focus on utilising the high quality of data that our ERP system provides in order to improve our overall levels of service, efficiency and profitability,” Reynolds added.

The accounts also revealed that the company - 23rd in The Grocer’s ranking of the 30 biggest grocery wholesalers in the UK - had successfully signed long-term supply agreements with its three largest customers.

“We believe our performance, delivered through a variety of customer types and routes to market, represents an excellent result given the difficult economic climate and the competitive nature of the market,” Reynolds added.