Sugro’s 80 wholesaler members are set to share in a £1.25m surplus, up 66.6% on last year.
MD Neil Turton, who joined the buying group in September, said the increase reflected a healthy year’s trading, some cost efficiencies and a release of historic reserves back to members.
After the surplus was returned, profits for the year to 31 December 2018 were £291k, up from £72k in 2017. The combined sales of Sugro members were up 4% to £1.1bn.
“These results show the organisation is back on its feet with a successful future, building a bit of momentum again,” said Turton.
He added that the member-owned, not-for-profit organisation retained profits within the business for investment in new technology or strategic purposes.
In the last six weeks Sugro has diversified into licence and grocery products, partnering with 28 alcohol brands to give members a more holistic offering
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