FMCG wholesaler and international distributor Pricecheck has reported 16 per cent growth in turnover to £151.7 million and a rise in operating profit margins from 1.42 per cent to 2.77 per cent in the year ended April 2024.
According to industry reports, the Sheffield-based wholesaler and international distributor is attributing the margin increase to strong revenue growth combined with cost control measures and reduced bad debt.
Mark Lythe, joint managing director at Pricecheck, commented: “We have continued to grow at a fast pace in the new financial year, with the team expected to achieve revenue growth of at least 20 per cent for year ending April 2025. Operating margins are also improving as we start to realise the benefits of our investment in infrastructure, people and technology.
“The business has shown great resilience during the challenges of the last five years. Revenue growth during this period has averaged 14 per cent per annum and we have firmly established ourselves as a trusted distribution partner for a growing portfolio of FMCG brands.
“We couldn’t achieve this growth without continued focus and determination from our team, and gaining independent accreditation from Great Place to Work in August 2024 further cemented our dedication to building a culture which enables, supports and celebrates our people.
“Overall, we’re very confident about the future prospects for Pricecheck and we’re looking forward to a busy and exciting year ahead.”
Pricecheck offers a range of over 8,000 branded products to customers in the UK and to more than 100 countries globally. It was established in 1978 and is a second-generation, family-owned business, now run by Mark Lythe and Debbie Harrison. The business operates from office and warehouse facilities in South Yorkshire, with about 350 staff. It currently exports to more than 100 countries.
Harrison wrote on social media, "As our revenue continues to grow at an average of 14 per cent per annum, we're excited for the journey that lies ahead for Pricecheck and our team."
This comes a few days after Pricecheck got listed in the J.P. Morgan Private Bank’s Top 200 Women-Powered Businesses Report. This report highlights over 14,550 women-powered, high-growth British businesses, all founded or led by women, and ranks the top 200 companies based on growth in sales and headcount.
Harrison wrote, "It's no secret that we're incredibly proud of Pricecheck's successes and growth over recent years, but we also know that we're in a unique position of having a 30 per cent female leadership team, something unique in our sector. This recognition is for all the talented women who shape Pricecheck every day. As a team, we’re committed to supporting gender balance, celebrating achievements, and fostering opportunities for women to thrive."
