Catering equipment supply giant Nisbets has once again posted a record turnover according to the latest publicly available accounts on Companies House.
Representing a year on year sales growth of 18%, revenue reached a massive £380.3m in the 12 months to 31 December 2017, as against 2016’s £321.1m, which in itself was a record turnover at that time.
Operating profit too steadily rose, from £34.3m to £35.7m, a 10% increase.
Continuing to lead in the UK market, Nisbets has also seen double-digit growth in its key international markets. This, coupled with full year contributions of acquisitions made during 2016 (including distributor Space Catering and toaster manufacturer Rowlett Rutland), has resulted not only in the sales growth, but also the strong profit before tax position in 2017.
However, the firm warned of sector headwinds as wider economic conditions tighten. While underlying trading performance remained strong, delivering 8% growth in 2017, the group did experience significant foreign exchange variances against budget.
But building on its success to date, Nisbets says it will continue its forward thinking approach to improving the wider business’ capabilities by focusing on customer satisfaction and service, continued development of their broad product range, together with an investment in people and systems capability.
Indeed, average headcount in 2017 reached 1,754, compared to 1,568 employees in the previous 12 months.
Klaus Göldenbot, group CEO at Nisbets said: “The health of our latest financial report gives us even greater conviction in our ability to deliver best in class service to our customers, while realising sustainable growth for our business, as the industry faces an ever-increasing set of challenges amid nationwide economic uncertainty and tougher trading conditions.
“It is our goal at Nisbets, to sustainably invest in our systems, product innovation and employee expertise to deliver the best service and support we can. Our team and our products all continue to add value to our customers for a more optimistic and stronger industry of the future.
“By listening to our customers’ needs and collaborating with our supplier partners, stakeholders and the opinion formers within industry trade bodies and associations, we can start to consider Nisbets’ longer-term strategy. In today’s market, no business can afford to rest on its laurels; only those that holistically invest, analyse their internal beliefs and re-strategize, will stand the test of time.
“Whatever lies ahead, foodservice remains one of the most dynamic and exciting industries in the UK, as well as making a significant contribution to our nation’s economy and at Nisbets we aim to be central to its ongoing development and success.”