Fowler Welch’s parent company, Dart Group, has given Brexit the thumbs down but remains positive about the outlook for its business.
Reporting preliminary annual results for the year to 31 March 2016, Dart Group said: “Although we were disappointed at the result of the recently held referendum on whether the UK should remain in the EU, we are confident that our customers will need our specialist food distribution services.”
The results revealed a strong performance by group company Fowler Welch, with pre-tax profit up 64% to £5.4m (2015: £3.3m). However revenue fell by 5% to £144m (2015: £151.7m) due to lower fuel costs being passed onto customers.
Fowler Welch's joint venture, Integrated Service Solutions, which stores, ripens and packs fruits at Teynham, Kent also boosted profit, delivering a “strong performance”. To keep pace with the growth a 50,000ft² extension has bee undertaken at the site.
Integrated Service Solutions is a joint venture with Direct Produce Supplies.
Fowler Welch also inked another three-year contract in the period with “a major confectionary manufacturer” at its Desborough site in Northamptonshire.
The company said it had made a strong start to the current financial year pointing to its deal with Dairy Crest in June this year to take over its Nuneaton-based UK distribution, which it plans to “progressively expand.”