Boughey Distribution outperforms expectations to deliver revenue and profit growth
Boughey Distribution has outperformed expectations, despite the challenges of high inflation and the cost of living crisis, to deliver both revenue and profit growth, according to its latest annual results.
Boughey is the trading name of the food division of NWF Group, which announced its latest financial results to 31 May 2023 this week.
Cheshire-based Boughey Distribution’s results revealed a revenue rise of more than 13% to £70.9m (2022: £62.6m) with headline operating profit leaping by 50% to £4.2m, up from £2.8m in the previous period.
Boughey operates 144 trucks and 320 trailers and employs over 780 staff. It specialises in delivering ambient grocery products to UK supermarkets and has over 1,000,000sq ft of warehousing. It boasts more than 130 customers, including Arla and Typhoo.
In its review of the results, the group said Boughey had delivered a “strong outperformance” during the year, increasing outloads and backhaul work, and fully utilising its warehouses, as well as continuously winning new business.
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The division also reduced staff turnover by delivering a ”significant improvement” in employee satisfaction during the period.
Going forward, Boughey, which is a member of Palletline, is planning a targeted warehouse expansion and the optimisation of storage and distribution solutions on the group’s Wardle site.
Group revenue for the period also increased, surpassing £1bn for the first time with all three divisions - Boughey, NWF Feeds and NWF Fuels - performing ahead of expectations in the year, in spite of inflationary and cost-of-living challenges, the review noted.
Commenting on Boughey’s performance, finance director Alex Hal said: “We are very pleased with this strong set of results. In spite of the volatility of current economic trends, our business remains robust, sustainable and profitable.”
Angela Carus, Boughey MD, added: “Major contributors to our success have been the full utilisation of our warehouses in both Wardle and Crewe, winning new business throughout the year, and ensuring high service levels and operational efficiencies.
“We have also focused on engaging and supporting our team of people which has resulted in reduced staff turnover and a significant improvement in employee satisfaction. Looking ahead, we have developed an ambitious five-year growth plan.”
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