Garden centre group Notcutts reports increase in operating profit as it continues to invest in sites
- Credit: Copyright: Archant 2015
One of the region’s largest garden centre groups has announced a 6.3% increase in turnover as it continues to reinvest in its sites.
Family-owned business Notcutts Group reported an operating profit of £1.29m, a 20% compared to £1.08m for the year before, as well as increasing turnover to £67.8m in the 12 months up to February 2016.
The Woodbridge-based company’s pre-tax profit had halved in the year, down to £3.1m from £6.8m but this was down to a sale of a subsidiary company in 2015.
The firm employs employ 125 people in Suffolk and 1285 across the UK as a whole.
Notcutts’ strategy has been to invest in redeveloping its garden centres to change with the times.
Nicky Dulieu, chairman of Notcutts, said: “We are clearly pleased with our financial performance for last year which demonstrates the success of our customer service and improved product offerings as well as the investments already made.
“Our newly developed centres continue to prove really popular with our customers and this has reinforced our strategy to redevelop our garden centres over the next five years.”
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Across the country Notcutts, which has a site in Norwich, provided the equivalent of 707 full time jobs, up 17 on the previous year, across 18 garden centres.
The company invested significantly in improvements to its Cheshire and Nottinghamshire sites during the 12 months with capital expenditure at £4.9m.
The group’s gross profit margin fell by 2% to 48% due to a decision to drive volume sales and sell through older stock quickly.