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Quick pivoting delivered increased profit at Sprint

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The Sprint management team ensured the distributor made it out of the pandemic period unscathed.

Pershore-based distributor Sprint Group has bucked the trend and increased its profitability in 2020-21.

The company’s report for the 12 months to 30 April 2021 is now publicly available from Companies House.

Financial results show that the firm actually upped operating profit by 15%, from £305k to £350k.

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However, turnover was hit by 40% during that time, slipping from £13.7m to £8.2m.

MD Simon Carpmael told Catering Insight: “It’s well documented how difficult the last 18 months have been but we’re genuinely pleased with last year’s performance. We started the year thinking that the restrictions would last a maximum of 3 months – how little did we know!”

He revealed: “We implemented our new strategy – with a keen focus on cost control and operational efficiency. Our industry was hit hard, with 81% of hospitality businesses closed during the spring 2020 lockdown. We quickly pivoted – looking for new opportunities and managed to deliver 60% of our previous year’s turnover.

“More importantly, we managed to improve net profit and our return on capital employed. This was achieved through prudent cash management, continually seeking process improvements and furlough support, as and when required.

“After an early restructure we protected 43 jobs throughout the remainder of the pandemic. Our people are key to this success – their commitment and resilience through this incredibly bumpy period put the company in a very strong position as we entered the new year.”

Reflecting on the distributor’s 2021 financial year to date, he added: “It’s started well, we’ve had a record breaking first quarter and we’re currently resourcing ourselves for an even stronger second half.”

Tags : businessdealerdistributorfinancial resultsfinancialssprintsprint group
Clare Nicholls

The author Clare Nicholls

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