Parfetts has seen turnover increase by 7.6% to £696m for the year ending 30 June 2024, with the growth of goods sold due to the company’s Birmingham depot cited as a reason for this along with investment in its wholesale and retail operations.
Gross margin has also increased to £55.9m compared to £50.5 the previous year, with average employee headcount also going up by 34 to 944. Net assets, meanwhile, have gone up by almost £7m to 66.3m.
A company statement said: “A proactive approach to customer recruitment within our delivered service has seen continued expansion, while traditional cash and carry sales remain strong. Continued improvements to our IT infrastructure and a proactive approach to stock procurement and stock availability has meant we are well placed to achieve further sales growth and service our customers.”
Read more: Parfetts secures England and Wales national coverage with Southampton depot purchase
However, it did note the decline in its tobacco business: “Tobacco sales represent a declining share within our product mix, however these changes within the product mix have seen an increase in the average margins achieved.”
Parfetts recently announced it is set to offer national coverage across England and Wales after it secured a 113,000 sq ft depot in Southampton that will enable it to deliver across the south coast and into greater London area.
The facility will be its 9th depot and follows its Birmingham facility, which opened in 2023. This new investment will create over 100 new jobs and support the expansion of its symbol groups, which include Go Local, Go Local Extra, The Local, and Shop & Go.
