Turnover at logistics company and frozen food wholesaler Yearsley Group, which employs more than 1,000 staff across 13 UK sites including a 'super hub' in Peterborough, has exceeded the £170m mark after "another record year" in its food division.
The business reported a drop in operating and pre-tax profits but said operating profits were up 24 per cent excluding "a large item" of other income from the previous year.
In its financial accounts for the year ended 29 March 2014, Yearsley said it has traded well in what continues to be "a very challenging marketplace" and that its food division had passed the £100m turnover mark for the first time.
Turnover was £172.1m, a 10 per cent increase from £155.9m the year before. Operating profits slipped from £6.8m to £4.6m while pre-tax profits declined from £4.6m to nearly £4m.
In the directors' report, the company said: "The logistics business is still very challenging, but turnover has increased again by 6 per cent year on year which is very encouraging.
"The food division has had another record year, breaking the £100m turnover mark for the first time, with double digit growth in all three business units. The strategy of investing in maintaining a wide range of products is continuing to pay dividends, with innovation and quality at the forefront of everything we do.
"The board are pleased with the performance for the year and will continue to invest both organically and by acquisition to safeguard the long term future of the business."
Yearsley operates 'super hubs' in Heywood, Birmingham and Peterborough. It also has sites in Newark (Nottinghamshire), Bellshill (Lanarkshire), Bristol, Gillingham (Kent), Grimsby, Chesterfield, Rochdale, Scunthorpe and Seaham.
Source: Insider Media