Licensed Wholesale Co toasts profits hike
DRINKS distributor the Licensed Wholsesale Company has almost tripled its profits before tax over the past year.
The group, which is based in Manchester and bills itself as the UK’s largest independent drinks wholesaler, made £807,866 profit to the end of September 2009, up from £278,779 the previous year.
The company’s turnover has also increased by around 14% from £77.9m to £88.9m.
Licensed Wholesale Company employs 299 staff and supplies 5,000 customers throughout the UK with beers, wines, spirits and soft drinks.
It also produces drinks under its own brands which include Bangla Beer and Moonshine Vodka.
A directors’ report also states that current year results are also in line with “budgeted expectations”.
The report states: “The directors are satisfied with the results for the period and the year-end balance sheet position.
“The company has implemented a strategy that focuses upon the relationship between each cost driver group and gross margins, this is expected to realise the budgeted benefits throughout 2010.
“The directors feel that the key performance indicators for the company are monthly management accounts, sales and margin reports and controlled working capital policies.”
The profit for the year after taxation amounted to £693,267 – compared to a loss of £65,208 in 2008.
