JW Filshill has enjoyed a 7.4% growth in operating profit to £2.9m for the year ending 31 January 2023, as it praised the recruitment of 12 “high-quality entrepreneurial retailers who are focused on growing within their local communities”.
The Glasgow-based wholesaler now supplies 220 KeyStore convenience stores and independent retailers across Scotland and the north of England. It said the growth was also achieved by focusing on data analytics, category management and helping retailers optimise revenue and margin.
Turnover had also risen by 2% to £203m despite challenging market conditions, said chief financial and operating officer Keith Geddes.
“The positive results had been achieved despite increases in operating costs absorbed by the business in supporting employees through the cost of living crisis, fuel price increases and recent rising inflation,” he said.
“We continue to work hard on building strong partnership-based relationships with customers and key suppliers and we were again recently voted number one by suppliers in an independent survey by the Advantage Group across our key competitors for the 13th consecutive year.”
The wholesaler had also faced a 12-month delay in moving to its new purpose-built facility at Westway Park near Glasgow Airport from its former warehouse in Hillington.
“I am particularly pleased with these results given that they were achieved against the context of the rebalancing of the economy in the aftermath of the Covid pandemic and also the significant delay in moving to our new facility, which had restricted the group’s ability to grow revenue due to having reached maximum operational capacity in Hillington,” Geddes added.
The move, in March, had been “transformational for the efficient operation of the business and sets the foundations for our planned growth over coming years”, he said.
Filshill also continued to develop its strategy around reducing its carbon footprint, including the implementation of two new 18-tonne electric vehicles.
JW Filshill CEO Simon Hannah said: “The long-term success of the company is central to everything we do. We invest in long-term return projects to protect future revenue streams and this includes constantly updating our technology, equipment and vehicle fleet – an approach that has resulted in greater efficiencies and customer satisfaction.”