Food and drink wholesaler JW Filshill, one of Scotland’s oldest independent food and drink wholesalers, said its turnover increased 6% to £215 million in the year ending January 31, 2024.
The fifth-generation business, based at Westway Park near Glasgow Airport, said operating profit rose from £2.9 million to £4.2 million.
“In a strong set of financial results for the company that supplies KeyStore convenience stores and independent retailers across Scotland and the north of England, and national accounts including the Scottish Prison Service, Filshill recorded gross profit of £22.3 million, up from £19.4 million, while net assets increased to £21.6 million compared to £18.9 million the previous year,” said Filshill.
Keith Geddes, the firm’s chief financial and operating officer, said improved growth and profitability was “particularly impressive” given that it relocated from its previous headquarters at Hillington to its purpose-built site in Renfrew during the period.
“The massive effort put in by all Filshill employees and the support we received from suppliers and customers was much appreciated,” said Geddes. “The new facility is a major step forward in delivering our planned growth and business improvements, allowing us to push forward in achieving the ambitious targets we have set for ourselves over the short, medium, and long term.
“The investment in the new facility and other projects throughout the period has taken the level of investment in the future of the business to £6.6 million over the last two years and demonstrates the commitment and confidence we have in our future …
“Operational efficiency generated from the new distribution centre has not only created significant benefits to the company and customers in terms of operational process but also in improved safety, and has led to additional capacity being generated which has allowed us to seek out new opportunities with our suppliers and customers. Our product availability to our customers is industry leading as a result.”
Geddes said the company continued to ramp up investment in technology and “in particular in the innovative use of data”, adding: “We created a standalone data and reporting team including the recruitment of an experienced data manager and data programmer to supplement the analyst capability already in the business.
“All departments and areas of the Filshill business are encouraged to identify opportunities where data, machine learning and AI could be used to improve our business and help deliver improvement and success to the company, customers and suppliers alike.”
However, the group pointed to ongoing inflation and increases in the cost of living, with increases in the cost of fuel and food and drink causing “uncertainty for the group, our staff, our customers and suppliers”.