Wing Yip profits soar by 75% to reach £11m in 2021

Wholesaler Wing Yip has seen pre-tax profits rise by 75% in the year to September 2021.

The company, which specialises in supplying Chinese and oriental groceries, recorded a pre-tax profit of £11m, up from £6.3m in 2020.

Turnover in 2021 also increased, by around 22% to £136.2m.

The results show the wholesaler trading above pre-pandemic levels.

“We are seeing a number of new restaurant openings and an increased appetite from consumers to eat out, which has in turn increased trade visits to Wing Yip,” said Wing Yip director Ennevor Yap.

“An explosion in food delivery services such as Deliveroo and Just Eat has also ensured that many of our trade customers have continued to shop with us during recent months.”

The company said it was aiming to combat rising inflation by becoming more efficient and taking calculated risks when buying stock.

“We plan and purchase stock well in advance, keeping a close eye on market pressures and the demands of our customers,” said Yap.

“Supply chains have been severely impacted since the outset of the pandemic and continue to be very challenging, so as a business we have learned how to adapt, plan, and take calculated risks ahead of time to ensure we have as much stock available at the best possible prices.”

To minimise rising energy costs, the company had invested in more efficient refrigeration, Yap added.