Parfetts, the employee-owned wholesaler, today announced its annual report and financial results.
Reflecting the tough economic conditions and the company’s continued investment into the businesses of their customers, turnover was down by just over 1% and operating profit fell from £4.6m to £3.7m.
Managing Director, David Grimes commented: “In the circumstances we consider the overall result to be very satisfactory. The markets in which we operate are highly competitive and, as a result, there is generally a constant pressure on sales and margins. Duty fraud is also still badly affecting our market and will go on doing so until Government and HMRC adopt some effective actions. We continue to lobby hard on this matter.
“Once again, our Go Local retail club is driving our performance and compensating for the difficulties of some more traditional areas of business. Particularly encouraging is the development of the scheme with the ‘tiering’ of levels of participation according to customer needs, and the excellent and exciting introduction of a fascia programme to make Go Local a true symbol group but without the usual costs to customers. We will continue to focus on Go Local in the coming year; this is a vital and successful area for ourselves which also delivers real results for our customers.”
