Sewell Retail saw turnover jump by almost a fifth for the year to 31 December 2021, thanks to fuel volumes bouncing back as commuters returned to work.
According to its latest accounts posted at Companies House, turnover rose by 18.5% to £57.1m.
The forecourt operator added that its customers continued to shop locally, helping to keep customer numbers high.
“Sewell Retail, trading as Sewell on the go, has once again been successful despite the ongoing challenges of Covid-19,” the accounts said.
“The fuel volumes have come back as commuters return to the office and shop customer numbers have remained strong with many continuing to shop local. The reduction in retained profit reflects a significant increase in the employee share appreciate provision.”
Pre-tax profit dropped by 46.7% to £861,000.
The company said, however, that the war in Ukraine has triggered supply chain availability issues and price increases, but has not “materially impacted” its ability to trade. Therefore, no adjustments were made to the financial statements for the year ending 31 December 2021.
”The company has prepared forecasts up to 31 December 2024 based upon what it considers to be worst-case assumptions,” the accounts added.
“After considering these forecasts, the directors are of the opinion they have enough resources to cover expected expenses to 31 December 2024.
In April 2022, the company expanded its portfolio through a “strategic investment acquisition” of a commercial site for £1.8m. This was funded using existing cash reserves.
”The directors have a proactive strategy towards site acquisitions and new site developments and are excited to grow the business,” the accounts said.
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