Palmer & Harvey has announced an 11% increase in gross profit to £215m for the year ending 4 April 2015.
The wholesaler’s total revenue rose 6% to £4.46bn following a year in which the “step change” Costcutter contract came into effect. EBITDA increased 19% to £35m.
During the year P&H invested in its branch infrastructure, opening a national distribution centre in Leeds and a chilled and frozen site in Avonmouth, having opened a new chilled and frozen depot in Belfast in March 2014.
Chris Etherington, chairman and ceo, said: “This has been a year of transformation for P&H. Our financial performance has been strong, and we have made significant strategic progress to support our long-term growth.
“Our partnership with Costcutter Supermarkets Group is delivering buying benefits to our customers and is operating well with an expanded number of stores. Our small drop expertise positions us well for the current changes in the grocery market which is seeing rapid expansion in convenience format stores.”
Former Sainsbury’s executive Helen Buck will take over as chief operating officer in November to focus on supporting P&H’s long-term strategic development.