Wholesaler JW Filshill saw its turnover increase 4.4% to £200m in the year ending 21 January, with operating profits rising from £2.3m to £2.7m.
Unveiling the robust results, Keith Geddes, Chief Financial and Operating Officer, said that while sales and operations during the year were once again heavily impacted by the pandemic, tight controls and efforts by the business minimised disruption and helped it to continue to grow.
The company supplies KeyStore convenience stores across Scotland and the north of England, and national accounts including the Scottish Prison Service. Last month, it ramped up investment ahead of its move to a new distribution centre in early 2023 with the acquisition of the independent wholesale business Iain Hill Ltd.
Geddes, pointing to recent rising inflation and the cost-of-living crisis – in particular increases in the cost of fuel and food and drink – noted: “This causes uncertainty for the group, our staff, and our customers and suppliers.”
He cautioned that the Glasgow-based group remained exposed to various financial and non-financial risks, including a highly competitive independent retail market and the risk of debts becoming irrecoverable. “The group operates tight credit control processes and has entered credit insurance arrangements for certain key balances,” Geddes noted.
Addressing supply issues, he added: “Industry-wide supply issues have been a challenge. However, to offset this the group works hard to maintain strong partnership-based relationships with all suppliers and we were recently ranked number one by suppliers in an independent survey by The Advantage Group across our key competitors all over the UK for the twelfth consecutive year.”
