Combined turnover at New Covent Garden Market has risen above £1bn for the first time, with its 130 businesses turning over a collective £1.1bn in the year to 31 March 2026, according to its latest financial results.
That is up 15.5% on the previous year’s £934m and comes amid a £150m regeneration project, due to complete in 2027, intended to help the market adapt to changing supply chain pressures and evolving customer and consumer demands.
The market’s fruit & vegetable wholesale distributors accounted for £516m in turnover, almost half the total figure, followed by fruit & vegetable wholesalers (£337m) and ‘other companies’ (£112m).
Flower market businesses and importers recorded turnovers of £82m and £32m respectively.
The turnover boost came despite what NCGM landlord Covent Garden Market Authority (CGMA) dubbed “economic headwinds in the food, flower, and hospitality sectors”.
CGMA chair Wanda Goldwag said reaching £1bn was “testament to the strength and reach of NCGM and the people who make it what it is”.
“Our wholesalers demonstrate extraordinary resilience, skill and dedication every single day, keeping London, the south east and beyond supplied with the freshest produce and flowers,” she added. “This milestone is not just about scale, but about the continued importance of wholesale markets in a modern, dynamic food system.”
The CGMA also reported a sharp rise in its own profit for the financial year, up by 1,700% from £1m to £17.7m.
CGMA general manager Robert McAuliffe said: “One of the key priorities during this period has been strengthening our financial controls and improving the quality of reporting across the organisation.
“Thanks to the diligent work of our FD, alongside the support and challenge provided by the board, we have already made significant progress in improving both transparency and operational oversight,” he added. “While there is still work to do, the direction of travel is extremely encouraging.”
Despite the impressive figures, they came just as the Iran war started at the end of February, with its ensuing shocks affecting NCGM traders along with the rest of the food system.
However, CGMA said the market had “remained a vibrant trading environment throughout the first quarter of 2026-27”.
“There are plenty of economic, climatic and geopolitical challenges across the world at the moment, most of which are out of our control, but everyone is in the same boat,” the authority continued, adding: “It is way too early to predict the combined financial performance in the next financial year of 130 tenants of different shapes, sizes and business models.
“The country depends on this market to have the expertise and commercial acumen to deliver premium fresh produce and flowers year-round and that’s what the tenants continue to do.”
Goldwag added: “Everyone at NCGM remains committed to supporting fellow traders, customers and supply partners, ensuring this market continues to play a central role in serving the UK for generations to come.”
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