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Boughey has profit margin of under 1%
Page 12
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CHESHIRE-BASED Boughey Distribution's profits were just £227,000 for the year ending 31 May 2005 down from £890,000 the previous year despite turnover rocketing from £16m to £23m. This equates to a profit margin of under 1%.
The wage bill virtually doubled from the previous year, from £4.9m in 2004 to £9.5m in 2005.
Rob Andrew, company secretary at Boughey's NWF Group parent, says turnover was boosted by a new contract with HP Foods to operate its Deeside warehouse.
The fall in profit, he adds, was due to teething troubles with the same contract mainly staffing and operational issuesthat led to increased costs.
He concludes: "We now have full planning permission in respect of our Nantwich site where we now have the ability to add more than 50% to our existing warehouse and distribution functions. That's the key for the future.
"Although that is unlikely to be completed before 2007, trading through the entire group is very sound at the present time."