Filing its accounts nearly a year in arrears has likely pushed Gloucester-based Space Group’s ranking upwards in this year’s Power Players rankings. The latest published numbers we had at the time of Power Players 2021’s compilation for the Nisbets-owned kitchen design house, are for the 12 months to 31 December 2019, before the coronavirus chaos kicked off.
But what we can say about that period though is Space accrued its highest ever turnover of £21.8m, 1% up on 2018’s £21.6m. Operating profit grew at hugely faster rate, with a 47% increase from £644k to £949k in 2019.
MD Ian Bidmead analysed: “The Space board were pleased with the company’s financial performance in 2019, with record
high turnover and operating profit showing growth compared with 2018, whilst navigating a challenging market backdrop of Brexit uncertainty and a flat eating out market.
“The strategy put in place delivered pleasing results across all divisions of Space during the year, and gave the business good momentum leading into 2020. Whilst the pandemic has inevitably affected Space, as it has entire hospitality industry, we have shown strong resilience and remain confident that 2021 will show continued progress.”
In terms of how the company managed over the last year, he revealed: “Whilst it was undoubtedly daunting at times, in so many ways I drew comfort from the fact that Space was a fundamentally strong business going into the crisis, with a healthy balance sheet and good quality client base, supplier partners, a strong management team and dedicated workforce.
The incredibly resilient and unwaveringly focused reaction from colleagues throughout this period will stay with me for the rest of my career.”
In fact, he underlined: “It’s brought us closer together as team, paradoxically, despite being physically more remote from each other. It’s also accelerated changes in ways of working, such as the utilisation of technology, that were already underway. During the depths of the pandemic, we used the time to analyse every aspect of our business, and there is no question we feel that we have come out of it as a stronger, more effective organisation, able to deliver an even
better service to our customers, as a result.”
Bidmead concluded: “Space is privileged to have a fantastic and loyal customer base, and in some ways it has brought us even closer to our key clients, as we’ve all gone through a shared experience. From the start, we were determined to keep all aspects of our business operating throughout the UK, and be able to deliver a complete service for our customers, and I’m proud to say that we managed this.”
Space MD Ian Bidmead analysed the Covid crisis’ impact on the company’s supply chain, saying: “We’ve worked hard over the years to build up strong, trusting and mutually beneficial relationships with our core suppliers, on whom we rely to deliver a great service to our customers, and we made sure that this philosophy was maintained throughout. The pandemic illustrated what a fantastic industry we’re part of and I can honestly say that every supplier behaved impeccably.”