Spares and training specialist First Choice Group is preparing for a positive future after the challenges of the pandemic.
The Cannock-based firm published its 2020 financial results on Companies House, which detailed the extent of the Covid impact on the company.
In the 12 months to 31 December 2020, the business generated £25.0m in turnover, 31% down on 2019’s £36.2m.
Operating profit of £1.2m also reversed into a loss of £0.3m in 2020, a reduction of 125%.
“Despite these lower sales, we made a significant investment and in our state of the art distribution centre, warehouse and IT systems, to enable a capacity for sales of £50m+ p.a. to deliver next day delivery of original OEM parts.
“With the return to pre-Covid volumes and the continued support of our dedicated, experienced workforce, we are confident of a return to a growing, profitable 2021 and onwards.”
Within the report, MD John Whitehouse summed up: “During this difficult period, we worked very closely with our customers and suppliers to agree extended payment terms when required, efficiently utilised our extensive stock holdings and our employees were supported by the government furlough scheme. This meant we are in a strong position for next year, as our cash reserves increased to £4.2m.”