JW Filshill has hailed the “massive effort” of its employees as the food and drink wholesaler reported a £1.3 million rise in profits, while highlighting the ongoing pressure on the business and its customers from inflation.
The company, which will celebrate its 150th anniversary in 2025, hiked operating profits to £4.2m from £2.9m during the year it relocated its headquarters to the giant Westway Park near Glasgow Airport.
Turnover climbed by 6% to £215m in the year ended January 31, 2024, Filshill said.
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The firm, which began life as a confectionery manufacturer in Glasgow in 1875, serves the convenience retailing trade, supplying more than 200 Keystore outlets around Scotland and the north of the England. It also has 1,600 independent delivered customers.
Keith Geddes, the firm’s chief financial and operating officer, said the results were “particularly impressive” given the backdrop of the move from Hillington to Westway, as well as the ongoing impact on consumer spending and the company’s cost base from inflation.
“The massive effort put in by all Filshill employees and the support we received from suppliers and customers was much appreciated,” Mr Geddes said.
“The new facility is a major step forward in delivering our planned growth and business improvements, allowing us to push forward in achieving the ambitious targets we have set for ourselves over the short, medium, and long term.
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“The investment in the new facility and other projects throughout the period has taken the level of investment in the future of the business to £6.6m over the last two years and demonstrates the commitment and confidence we have in our future.”
He added: “Operational efficiency generated from the new distribution centre has not only created significant benefits to the company and customers in terms of operational process but also in improved safety, and has led to additional capacity being generated which has allowed us to seek out new opportunities with our suppliers and customers. Our product availability to our customers is industry leading as a result.”
Mr Geddes warned, however, that increases in the cost of fuel, food and drink were causing “uncertainty for the group, our staff, our customers and suppliers”.
He said: “The independent retail market remains highly competitive and challenging, and we seek to manage the principal risk of losing customers by aiming to deliver best-in-class customer service. Any loss of support of key suppliers in terms of supply or credit is a key risk.
“To offset this, the group works hard to maintain strong partnership-based relationships with all suppliers and was again recently ranked number one by suppliers in an independent survey (Advantage Group Mirror Report) across our key competitors for the 14th consecutive year.”
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