The Bestway Group has announced its financial results for the year ended 30 June 2013. The Group’s annual turnover increased by 1.2% to £2.52 billion from £2.49 billion in 2012. Profit before tax for the year ended 30 June 2013 was up 6.6% from £173.2 million in 2012 to £184.6 million. All group businesses continued to be profitable.
Mr Zameer Choudrey, the Group Chief Executive said, “in the past twelve months, the business environment in the UK and globally has faced many challenges. Despite the adverse economic environment the Group has been able to increase profitability and I am pleased to say that the inherent strength of the Group has ensured that all our businesses maintained their respective market shares during the year under review”. Mr Choudrey also said, “Bestway Wholesale continues to be the UK’s largest trade only wholesaler. Our cement operations are still the second largest in Pakistan and United Bank Limited (UBL) remains the second largest private bank in Pakistan”.
Turnover in the wholesale business was £2.34 billion as compared to £2.33 billion in the corresponding period last year. Profit before tax for the year ended 30 June 2013 decreased by 6.9% to £54.3 million from £58.3 million in 2012. The decrease in profit was due to the Group consciously reducing its margins to support its customers, who are facing increased competition from the high street retailers.
The Group has endeavoured to play its role in supporting its customers, i.e. the independents, regardless of their size, due to the firm belief that their success is tied to the company’s own success. Bestway’s mission is “Building Business for the Independents”, offering customers the lowest prices and the widest product range in the wholesale sector.
Mr Choudrey reiterated that whilst the Group’s commitment to the wholesale sector is second to none, it was conscious of the evolving dynamics of the industry. With this in mind, the Group has identified three key focus areas for the business to sustain a robust growth trajectory. These are Foodservice, Digital and Symbol & Club Retailing.
In line with these key focus areas, Bestway Batleys Foodservice was launched in August 2013. This new approach focuses on offering the customers a tailor made solution to their catering needs. To complement its launch, a comprehensive series of promotions under the banner of “Price Hold Guarantee” has been launched where the caterers are guaranteed a fixed price for a 12-week period.