Scotland-based food and drink wholesaler JW Filshill saw its turnover increase 6% to £215m in the year to 31 January 2024, with operating profit climbing from £2.9m to £4.2m.
The fifth-generation business, which supplies KeyStore convenience stores and independent retailers across Scotland and the north of England, said the improved growth and profitability was “particularly impressive” given that it relocated to a purpose-built site in Renfrew during the period.
Keith Geddes, Chief Financial and Operating Officer, said: “The massive effort put in by all Filshill employees and the support we received from suppliers and customers was much appreciated. The new facility is a major step forward in delivering our planned growth and business improvements, allowing us to push forward in achieving the ambitious targets we have set for ourselves over the short, medium, and long term.
“The investment in the new facility and other projects throughout the period has taken the level of investment in the future of the business to £6.6m over the last two years and demonstrates the commitment and confidence we have in our future.”
He added: “Operational efficiency generated from the new distribution centre has not only created significant benefits to the company and customers in terms of operational process but also in improved safety, and has led to additional capacity being generated which has allowed us to seek out new opportunities with our suppliers and customers. Our product availability to our customers is industry-leading as a result.”
Geddes noted that the company continued to ramp up investment in technology and the innovative use of data. He said: “We created a standalone data and reporting team, including the recruitment of an experienced data manager and data programmer to supplement the analyst capability already in the business.
“All departments and areas of the Filshill business are encouraged to identify opportunities where data, machine learning and AI could be used to improve our business and help deliver improvement and success to the company, customers and suppliers alike.”
However, the group pointed to ongoing inflation and increases in the cost of living, with increases in the cost of fuel and food and drink causing “uncertainty for the group, our staff, our customers and suppliers”.
Geddes continued: “The independent retail market remains highly competitive and challenging, and we seek to manage the principal risk of losing customers by aiming to deliver best-in-class customer service. Any loss of support of key suppliers in terms of supply or credit is a key risk.
“To offset this, the group works hard to maintain strong partnership-based relationships with all suppliers and was again recently ranked number one by suppliers in an independent survey (Advantage Group Mirror Report) across our key competitors for the 14th consecutive year.”
