All BWG Retailers Record 'Positive Growth' In Latest Financial Results
In comparison with last year, all BWG Group retail brands recorded 'positive growth', with the XL brand increasing by 6.3% and Londis reporting turnover up by 6.2%.
According to the groups interim results for the six months ended 31 March, its recent deflation trends have slowed and reversed in certain retail categories. Latest measures indicate that food and non-alcoholic drinks declined 0.2%, while alcohol and tobacco increased by 0.1%.
"An increase in consumer spending in the grocery retail sector remains elusive," the group said in a statement.
"The business recorded significant turnover growths in the month of March, not only impacted by the earlier Easter, but also driven by the major storm weather that closed down large portions of Ireland and the United Kingdom as consumers bought in large quantities of food and beverages."
The BWG Group said that it suffered from the loss of a small retail group but still managed to close the period with an unchanged number of total stores.
Logistics And Transport Awards
The group’s distribution volumes continued to show 'good increases and record case movements' which were handled in its Kilcarbery distribution centre.
Recent recognition through several prestigious logistics and transport awards, including the Irish Logistics Company of the Year award, was a real highlight for this business.
As previously reported, subsequent to the end of the reporting period, BWG announced that it had 'successfully, officially' completed the acquisition of 4 Aces Wholesale.
“4 Aces will further strengthen our fast growing wholesale operations and we look forward to building on the great service that it currently delivers to its customers by leveraging our significant size and scale and our highly sophisticated wholesale supply chain,” Leo Crawford, Group CEO, BWG Group said at the time.
BWG Group Debt Refinancing
In the statement, the BWG Group outlined that on 5 April 2018 it entered a new syndicated bank facility which included the introduction of a fourth lender. The facility amount has been increased to fund approved acquisitions and extends the maturity of the facilities by 6 months to 31 December 2020.
Looking ahead, in terms of the future outlook, the group said in the statement, “that BWG is cautious but positive and expects to deliver results in line with expectations.”
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.