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News
Waverley back to black
WaverleyTBS has announced pre-tax profits of £4 million, a year after the drinks supplier was sold by Heineken UK into private ownership by Mansfield Partners and management.
This improvement from two years ago, when the company experienced a loss of £0.9m, is the result of a significant restructure, which saw 300 jobs cut and closure of 10 distribution depots as WaverleyTBS sought to streamline its sales, marketing and logistics functions.
Along with its return to profit, WaverleyTBS saw its net operating assets increase from £2.1m to £18.2m, while its EBIT margin has improved from 0.1% to 1.1%.
Commenting on the outlook for the company, managing director Jonathan Townsend was realistic about the current on-trade environment, saying: “We all know the on-trade market continues to be difficult with CGA predicting a further decline of 5-7% this year.”
However, he added: “We have a number of new initiatives and investments planned in 2011 including a fully upgraded systems infrastructure to support our business growth and exclusive distribution/agency relationships with premium brands.”