Wholesale growth drives Yearsley forward

YEARSLEY Group, the family-owned frozen food sales and logistics specialist has reported a strong year of growth, driven by its wholesale division.

The Heywood company, which has 13 sites nationwide, said turnover in the year to March 29 2014 had risen 10% to £172m, and after stripping out a one-off gain of £3m in 2013 operating profits had surged 24% to £4.6m.

For the first time sales in Yearsley’s wholesale food division topped £100m, rising 13.7% to £102m. The division includes two own-label brands, Belfield and IcePak.

Revenue growth was around 5% in the company’s cold storage and distribution division, increasing during the year to £69.9m.

During the year Yearsley said it has traded well in what continues to be “a very challenging marketplace”.

It added: “The logistics business is still very challenging, but turnover has increased again by 6% year-on -year which is very encouraging.

“The food division has had another record year, breaking the £100m turnover mark for the first time, with double digit growth in all three business units. The strategy of investing in maintaining a wide range of products is continuing to pay dividends, with innovation and quality at the forefront of everything we do.

“The board are pleased with the performance for the year and will continue to invest both organically and by acquisition to safeguard the long term future of the business.”