CTN operator GT News is continuing to reap the rewards of its store reorganisation programme with another increase in full-year pre-tax profits.
The company, which is currently 23rd on The Grocer’s rankings of the Top 50 independent grocery retailers in the UK, has been carrying out a five-year reorganisation plan since posting losses of £75,832 in 2008.
Pre-tax profits rose 23% from £308,095 to £378,991 in the year to 30 June 2011, on sales up 0.8% to £28.1m.
“The directors continue to be extremely pleased at the progress that has been made and the direction in which the business is heading,” the directors said in accounts filed at Companies House.
“The store reorganisation programme has continued in line with expectations focusing on growing a core estate of profitable stores with high retail standards in good locations.”
GT News has 48 stores in the Midlands and the North of England, 29 of which trade as GT and 19 as Spar. It closed five “non-strategic” stores during the period. One store was relocated and a flagship store was opened in Derby.
“We are extremely aware of the economic conditions that continue to affect the retail sector and are focused on shaping the business to meet the challenges ahead,” the directors added.