East End Foods PLC growth continues with turnover heading towards £200mMember News
Indian delicacies giant East End Foods, which supplies major supermarkets, has jumped towards the £200m turnover mark, according to new results.
The West Bromwich-headquartered business has achieved a turnover of £191.3m for the year to 30 April 2018, up from £185.4m in the prior financial period.
The accounts, filed under East End Foods plc, also revealed the company made a pre-tax profit of £8.8m, up from £8.5m.
East End Foods was established by the Wouhra brothers; Trilok, Tony Deep, Jason, David and Don in 1972.
The family opened a small store in Wolverhampton and the group now has sites in West Bromwich and Smethwick, as well as Birmingham, which opened in 2011 as part of a multimillion-pound investment.
The Wouhra brothers started to actively resource the best products available from growers worldwide. The result is a reputation for excellence and the growth of the company to be one of the UK’s largest specialists for spices, lentils, pulses and rice with over 1,200 product lines.
The continual growth being shown by the company has been attributed to the firm's approachs to potential uncertainties.
Devender Wouhra, Director at End End Foods PLC said "The company has an established, structured approached to risk management. The company's activities expose it to a variety of risks and uncertainities including the effects of market changes, credit, liquidity, cash flow, interest rate risk and foreign exchange risks. The company has adopted risk management policies that seek to mitigate these risks ina cost effective manner."
Despite the increase in turnover, the company is unsure what the economic outlook will be for the company after the UK leaves the EU in 2019.
Devender continued by saying "In June 2016 the United Kingdom voted to leave the European Union. Currently there is continued uncertainty in the market around the United Kingdoms's exit. The company makes sales into the European Union, it is unknown what the impact of the exit will have on the company and the Directors continu to monitor this."
According to the accounts, the Wouhra family was paid a dividend of £10m during the year, up from £5m in the prior financial period.
A statement signed off by the board said: "The business has continued to grow over the years and the directors expect this to continue.
"The company continues to invest in key areas of the business, notably quality control, environment issues, IT and credit management.
"The directors aim to maintain management policies which have resulted in the company's substantial growth in recent years.
"They consider the growth to continue through greater efficiency and new product development."