Thursday, September 26, 2013

News: Crawshaw considers expansion


Crawshaw, the Rotherham-based meat-focused retailer, is considering re-starting its expansion programme after reporting further improvements in its trading performance.

In its financial results for the six months to the end of July, the Bradmarsh Business Park company, reported an increase in sales and profit indicating that it has established its recovery in difficult High Street trading conditions and is overcoming government changes to the rules on VAT.

Established in 1954, the firm has been trading on the stock market since 2004. It was acquired by Felix Group plc in 2008. It has 20 retail outlets throughout Yorkshire, Lincolnshire, Nottinghamshire and Humberside and two distribution centres, in Rotherham and Grimsby.

Like for like sales were up 5% in the first half of the year compared to the same period the previous year, helped by good BBQ weather in July. Overall sales also increased, to £9.8m from £9.3m in 2012.

The group reported that overhead expenditure had been controlled well that meant that gross profit increased 6% to £4.3m from £4.1m in 2012 and profit before tax rose three fold to £0.3m. Gross margin was up at 43.9% (43.6% in 2012) and EBITDA (earnings before tax) significantly improved at £0.5m (£0.3m in 2012).

Richard Rose, chairman of Crawshaw, said: "Now our recovery in trading performance has become established we are giving consideration to re-starting our expansion program, albeit on a cautious basis, and will report further in due course.

"We are encouraged with current trading, like for like sales for the first eight weeks of the second half are up 10% with gross margin in line with first half performance."

In April, Crawshaw announced its first ever dividend for shareholders and the latest results meant that the board proposed an interim dividend of 0.09p per share, as a measure of their confidence in the business going forward.

Crawshaw website

Images: Crawshaw


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