Annual profits

United Wholesale (Scotland) posts stable annual profits despite rising sales

Cash and carry group United Wholesale (Scotland) posted stable profits for the full year 2016 through December despite sales up 3.3% to £ 234 million.

The Glasgow-based group, which operates under the Day Today and U-Save brands, said 2016 sales were boosted by the October 2015 acquisition of M9 Cash & Carry, which operates out of a depot in Grangemouth.

The company said the subsequent launch of United M9 means it now has a base to expand in eastern Scotland.

Gross profit increased by £ 2million to £ 12.8million, although administrative expenses also rose to £ 11.1million from £ 9.3million in 2015.

Revenue increased 2.9% to £ 234 million, despite a real estate gain of £ 845,000 in 2015, cash and carry revenue increased 3.3%.

At the operational level, profits increased 10% to £ 2.2million, boosted by a gain of £ 275,000 in other operating income to £ 375,000, mitigated by lower rental income at 181,000 pounds sterling, compared to 386,000 pounds sterling in 2015.

Pre-tax profits were broadly flat for a second year in a row, at just over £ 2million, despite sales growth in both years.

United Wholesale (Scotland) notes that its payroll increased by £ 1million during the year to reach £ 6.3million, after adding 29 employees to bring the average workforce to 282.

Scottish Labor leader Anas Sarwar’s hopeful announced last month that he had renounced all such shares in the family business following criticism that the company is not paying all its staff the real living wage of £ 8.45 per hour.

Mr Sarwar is running against Richard Leonard to lead Scottish Labor after Kezia Dugdale resigned in August.

Accounts now with Companies House show United Wholesale (Scotland) made a political donation of £ 3,000 to the Mayor of London, after making a political donation of £ 47,900 to Labor in 2015.

Leave a Reply

Your email address will not be published.