Half Year Results on Target Following Record Breaking Year
International wholesaler and distributor, Pricecheck is on track to hit £100m turnover following its fifth year of consistent growth.
Turnover at the Sheffield-based company increased 12% to £81.6m in Financial Year ending April 2019.
Half year results show a turnover of £48m has already been achieved in the new financial year, with October 2019 marking the busiest month on record achieving £11m income.
Pricecheck, which doubled its team to 200 in the past three years, has continued to invest by expanding its premises, increasing product range and developing its innovative technology which allows for controlled release of stock.
The company, which has its headquarters at Beighton, Sheffield, is a wholesaler and distributor of fast-moving consumer goods supplying some of the biggest names in retail as well as exporting to 82 countries.
Export sales at the wholesaler have continued to drive growth, increasing 160% in the past three years and accounting for almost half of the company’s total turnover. Six new countries have been introduced in the past 12 months including, Austria, Curacao, and Cameroon.
Mark Lythe, Joint Managing Director (Operations and Finance) commented: “Over the past three years we have recorded fantastic revenue growth which is a tremendous achievement for our team, and we are firmly on track to reach our £200m turnover target by 2025.
“As we strive towards our ambitious targets, we have developed a strategic plan called ‘Vision 200’, our blueprint for the next five years of growth. The plan includes substantial investments in people, skills, technology and warehouse capacity which will give us a solid platform to deliver growth in turnover and profit over the course of the next five years.”
Pricecheck’s categories span health, beauty, toiletries, household, food and drink. An exclusive distribution deal with vaping company NextGen360 was announced in September as the company continually looks to expand its product range.
Debbie Harrison, Joint Managing Director (Trading) adds: “In the last 18 months, we’ve welcomed 51 new team members, increased our warehouse space by a third and developed partnerships with leading brands across the UK and international FMCG market.
“Having recently launched in the vaping market, we’re looking forward to continuing to grow the account as well as developing and expanding our other product categories as we strive towards £100m turnover this financial year.”
Pricecheck’s rapid growth has been recognised with a listing in the London Stock Exchange Group’s 1000 Companies to Inspire Britain report for a second year running. The company was also named an Export Champion by the Department for International Trade earlier this year and has won a clutch of top awards in the past five years including a Queen’s Award for International Trade.
The fast-growing business is based near Junction 31 of the M1.