Food and drink wholesaler JW Filshill’s profits jumped in 2024 despite a “highly competitive and challenging” market.
For the year to 31 January 2025, operating profit increased by 18.7% to £5m, while pre-tax profit rose by 22.8% to £4.9m.
The wholesaler, which supplies KeyStore convenience stores and independent retailers across Scotland and the north of England, saw turnover remain stable and in line with the overall market trend at £214m.
“This improved efficiency is more essential than ever given the increase in costs driven mainly by changes to fuel, living wage and employers’ National Insurance costs,” said JW Filshill chief financial and operating officer Keith Geddes.
He said the positive financial results came as Filshill had “invested heavily in the upskilling of many employees to take full advantage of advancements in artificial intelligence and ensure that we make use of these tools across all areas of the business”.
“We also continue to push forward with heavy investment in other areas of technology such as the innovative use of data, tracking software, and industry-specific opportunities such as electronic shelf-edge labels,” Geddes added.
During the year, the business also made a number of changes to improve its environmental impact, including switching its delivery fleet fuel from diesel to hydrotreated vegetable oil at its Westway site. It now also has two fully electric 19-tonne vehicles.
Filshill measures CO2 usage in grams per case delivered. According to Geddes, “this has declined by a further 21% in the past year on top of the 14% decrease the previous year”.
Speaking on market pressures, Geddes added: “The independent retail market remains highly competitive and challenging, and we seek to manage the principal risk of losing customers by aiming to deliver best-in-class customer service. Any loss of support of key suppliers in terms of supply or credit is also a key risk.
“To offset this, the group works hard to maintain strong partnership-based relationships with all suppliers.”
No comments yet