Dunstable-based Advance Group has posted its highest ever turnover, according to the latest publicly available accounts at Companies House.
In the year ending 31 March 2017 the distributor turned over £18.1m, up from £16.1m in the 12 months prior.
Gross profit also grew, with this year’s £4.5m beating last year’s total of £4.1m. Percentage-wise, this represents 25% of earnings, slightly down from 2016’s 26%. However, increased operating expenses cut the operating profit from £693,713 in 2016 to £688,361 this year. This means overall net profit also dropped from 4.16% to 3.75%.
The directors stated in the report: “The financial position of the company remains strong and the company is well placed to take advantage of business opportunities as they arise. The directors look forward to the future with confidence.”
Chairman Steve Coates cautiously welcomed the results, telling Catering Insight: “Although sales grew last year there is an obvious pressure on margins as the weaker Pound effects import prices.
“As the majority of the industry procures its products from overseas it is imperative that the government somehow keeps access to the single market and the customs union.”
Advance carries out about 100 projects and 30,000 service calls every year and is intending to efficiently grow both without increasing headcount, thanks to bespoke software such as its IntEquip asset management system.