BESTWAY Group’s profits soared last year, the wholesaling, banking and cement conglomerate announced last week.
Profit before tax for the year ended 30 June 2011 crossed the £100 million mark to £119.1 million, compared to £72.0 million in 2010.
In the wholesaling, symbol and cash & carry businesses, expansion in Scotland, the opening of new depots and record sales of own label products pushed turnover past the £2 billion mark for the first time.
Zameer Choudrey, Bestway chief executive, described the performance as “exciting” and said all the group’s businesses had been profitable.
“Despite the difficult business conditions, we have maintained our focus on the strategic goals by increasing turnover and market share…both in the UK and in Pakistan,” he told Asian Trader.
Turnover in the wholesale business amounted to £2.21 billion, compared to £1.99 billion in the corresponding period last year. Best-in own label sales grew by 21.3% to £102 million, while export sales registered an increase of 20.5 per cent.
In June 2010, with the acquisition of Bellevue Cash & Carry, the Best One symbol group entered the Scottish market. With the subsequent acquisition of Martex, Best One has made significant inroads in Scotland. The Xtra Local and Best in retail club membership increased by 10 per cent to 2365. In October 2010, a new warehouse was opened for trading in Aintree, Liverpool.
Last year, Bestway marked its 35th anniversary as a wholesaler by staging its biggest ever promotion to give retailers over £1 million in cash back and discounts.