Newport-based distributor Shine Catering Systems has recorded a huge revenue growth, according to the firm’s just-published 2018 financial results, publicly available on Companies House.
Turnover shot up by 55% from £8.1m in 2017 to £12.6m in the 12 months to 31 December 2018.
Operating profit followed an even steeper trajectory, growing by a massive 1,034%, from nearly £29,000 to over £328,000.
MD Julian Shine detailed in the report: “Following the unexpected last minute delay to contracts due to be delivered in 2017, 2018 saw further delays to construction sites with a higher contribution to annual turnover.
“However, sales growth during 2018 has been strong whilst control of overheads has been maintained with an expanding team of directly employed project managers delivering superb results for all stakeholders.
“We have again maintained the top UK appraisal metrics with many of our key clients, and will shortly complete work to fully develop our ‘servitisation’ offering to promote whole life relationships with the facilities we provide, not just the initial fit out.”
He further stated: “We have started our latest Knowledge Transfer Partnership with Innovate UK and Cardiff University to look at among other things the adoption of modern production line management in the bespoke manufacturing environment. Our breakthrough into a new and previously unexplored market is shortly to take effect, this on top of entering 2019 with a record order book and strong sales pipeline.”
Shine directly underlined to Catering Insight: “The huge increase in turnover shows how well we have controlled our overheads. And while we are over 50% up on 2017, we feel this is sustainable growth, as we are looking strong for 2019 and 2020. The orderbook is good and our turnover is currently ahead of where we were at this point in 2018.
“The 2017 results looked disappointing because £1m-worth of contracts were delayed, which made the turnover seem worse than it was. However, the cycle of delayed construction projects has remained and so the revenue is continuing to be maintained.”