Brakes picture

Sysco GB has returned to profit for the first time since 2018.

Accounts for the foodservice giant filed at Companies House show the business recorded a pre-tax profit of £33.7m for the year to the 2 July 2023. This represents a turnaround of just over £90m compared to the £57.2m pre-tax loss it made in the previous 12 months. It had recorded a pre-tax loss for each of the four previous years, having recorded a pre-tax profit of £27.3m in 2018.

The accounts for Brake Bros cover Sysco’s UK interests as well as operations in France, Sweden, Ireland, Belgium, Italy and Portugal.

Turnover jumped 24.6% to £4.83bn for the same period versus the previous financial year.

“We’re very pleased with the progress Sysco GB has made in 2023, returning to profit after the challenges of the pandemic,” CEO Paul Nieduszynski told The Grocer.

“Our ambition for Sysco GB is to lead the foodservice market. We will do this by successfully executing our ‘Recipe for Growth’ strategy and delivering long-term, profitable growth.

“Central to our success has been bringing our fresh and broadline businesses closer together, offering customers an award-winning product range, delivered with market-leading service.

“We’ve also been focused on delivering value. We held prices on more than 1,800 lines for six months, in the face of significant inflationary pressure, and we’ve recently announced we’re reducing the price of 75 fresh meat lines, returning value to customers.

“We will continue to invest in our service provision, digital capabilities and significantly upgrading our infrastructure, including a £15m investment in our Newhouse depot in Scotland. And we’ve recently announced plans for a $100m super-depot to service London and the south east.”

Since the close of the latest financial year, Sysco has also continued to pursue acquisitions. It bought Medina Quay Meats in October 2023.