Spar wholesaler AF Blakemore & Son has passed the £1bn turnover mark for the first time following last year’s acquisition of Capper & Co.
Sales grew 25.9% to £1.15bn in the year to 30 April 2012, although pre-tax profits were flat at £9.3m after the company incurred exceptional costs of £1.8m to integrate Capper.
“The Capper & Co acquisition has been a resounding success and while this has been a busy year of transition involving considerable management time, we have achieved significant synergies as a result of the integration,” said chairman Mary Blakemore.
“Economic conditions have continued to be difficult in the current financial year, not helped by the poor weather over our important summer trading period. The group is confident of maintaining a similar level of sales through investing in gross profit.”
Increased fuel prices meant the company spent £300,000 more on fuel than the year before.
AF Blakemore bought its fellow Spar wholesaler for £37.2m last March, adding South Wales, Sussex, Gloucester, Oxfordshire, Kent and South London to its distribution area.