Subscriber login Close [x]
remember me
You are not logged in.

Independent merchant Essentially Wine's operating profits up 5%

Published:  03 February, 2014

Essentially Wine, which has stores in Chipstead and Richmond upon Thames in Surrey, has posted operating profits growth of 5%, while its EBITDA is £23,466.

The retailer said the improved results were helped by an increase in its gross profit margin from 41% in 2012 to 45% in 2013, as improvements were made to its buying process.

Owner Stephen Forward said: " We look forward to reporting further improvements in our next results period.  Our balance sheet and liquidity improved substantially as we reduce our borrowings and negotiate better terms with our creditors.  I am particularly pleased to report a significant improvement in our current ratio which now stands at 2.02 (2012: 0.79). This has played an important part in improving our credit score with the credit rating agencies."

Forward said the Richmond outlet is continuing to perform very well, despite the tough trading environment. "We have witnessed several of our close competitors giving up and closing their doors in this highly competitive part of London," he added.

The group's balance is stands at £88,181 in cash and current assets £267,838 in net assets.

Forward said: "I am delighted to report that Essentially Wine has produced another strong set of results despite what remains to be a difficult trading environment. 

"The path ahead is not without its challenges as the economic situation remains unclear. However, we are optimistic and do expect a slight improvement over the next twelve months, and we are confident that we will report further positive progress next year as we continue with our expansion plans and grow our business further."