Hull food wholesaler unveils record turnover year
By Hull Daily Mail | Posted: 24 Jul 2018
A family-owned Hull food wholesaler has announced a record turnover for the last financial year.
Turner & Price Ltd, based in Wiltshire Road, saw turnover pass the £60m mark for the first time in the year ending March 31, 2018.
The figure – up more than £5m from 2017 – was a new high for the food company, which was founded in the city in 1992.
A statement released by Turner & Price as part of its annual report said: “The company has continued to grow its core business operations year on year.
“This growth has helped the company remain profitable, and maintain liquidity for the year ending March 31, 2018.
“The directors consider the position of the company at the year-end to be positive.”
Gross profits at the food company surpassed the £10m mark in the last financial year – up from the previous figure of £9.1m.
Profits before tax for Turner & Price Ltd rose from £1.8m to £2.5m, with total profits for the year being revealed as £1.8m.
Turner & Price Ltd has more than 2,000 customers, and trades throughout Yorkshire, Lincolnshire, Derbyshire, Lancashire and beyond.
The business’ range now incorporates more than 5,000 food items.
The UK market still makes up the vast majority of Turner & Price’s revenue.
Turnover in the UK topped £50m in the last financial year; a significant rise on the £45.8m figure recorded the year before.
The European and American markets also saw a rise, up by almost £300,000 and £120,000 respectively.
Across the rest of the world, turnover for Turner & Price Ltd rose from £5.1m to £5.7m.
Turner & Price employs more than 280 staff, and works every day to keep kitchens in schools, hospitals and care homes running.
The firm has been regularly investing in its Wiltshire Road premises, off Hessle Road, which saw significant investment in 2016 to increase the overall warehouse space and allow for expanded operations.
Assets at Turner & Price also rose sharply over the course of the 2017/18 year.
Net assets now stand at £8.5m, up from £6.8m, the company’s annual report revealed.
Despite the strong year, directors at the company outlined several key challenges the company could face in the future.
It said a decline in retail demand, the loss of key customers resulting in reduced revenue, or sale prices not being maintained were all things the company had to be wary of moving forwards.
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