Pentland Wholesale has recorded broadly positive financial results in its 2019 annual report, now publicly available from Companies House.
The Blackburn-based catering equipment supplier posted a £14.1m turnover for the 12 months to 31 December 2019, a 5% drop from 2018’s high of £14.8m.
However, the firm’s gross profit margin grew from 27% to 31% and operating profit soared by 30%, from £0.99m to £1.29 last year.
Group MD Chris Allen wrote in the report: “The directors are pleased to increase profitability despite a slight turnover drop.
“Concentration on core activities has increased gross margin. The board are extremely pleased with another set of fantastic results.”
Pentland Wholesale is cautious of the consequences of the pandemic for 2020 and looking ahead. The report revealed that the directors took immediate actions to protect the business, including use of the government’s coronavirus job retention scheme and tighter cash management protocols.
Allen added: “Going forward the directors expect Covid-19 to have longstanding detrimental impacts within the wider economy and specifically into one of their key markets – hospitality.
“The directors are planning for turnover reduction but are still confident of achieving profitability in 2020.”