Full year profits up almost 9% for East End Foods
WEST Bromwich-based Asian food distributor, East End Foods has seen a sharp rise in full year profits.
The company, which was a new entry in the latest Sunday Times Grant Thornton Top Track 250 – which identifies the fastest-growing companies in the West Midlands, has seen post-tax profits rise to £4,314,000 (2012: £3,466,992).
The opening by the company of its new £10.5m wholesale facility in Aston Cross is thought to have been a significant factor in the growth.
The company is one of the UK’s largest importers and processors of ethnic foods and supplies major supermarkets as well as 70% of independent Asian retailers and restaurants.
The company’s performance in 2012 had been impressive, with turnover rising 16% to £147m – one of the reasons it secured a slot in the Top Track 250.
However, latest full year accounts lodged with Companies House show that in the full year to April 30, 2013, the company exceeded this.
While the rate of growth was not as high, total revenue came in 8.89% higher at £159.6m. Sales in the UK accounted for the bulk of this at £156,786,222. Business in the rest of the world amounted to £101,480 (2012: £222,675), while in Europe, the figure was £2,709,313 (2012: £2,746,140).
In addition, other key performance indicators show gross margin reduced from 10.89% to 10.66% with the total gross profit amounting to £17.02m (2012: £15.96m). Net profit margin increased from 2.37% to 2.7% with the total net profit amounting to £4.31m (2012: £3.47m).
In their report, the directors said: “The business has continued to grow over the years and the directors expect this to continue.
“The directors aim to maintain management policies which have resulted in the company’s substantial growth in recent years. They consider the growth to continue through greater efficiency and new product development. With the Aston site opened during the full financial year, as predicted there is increase in turnover and increased market share in the West Midlands.”
