Strong six months for Crawshaw
The Crawshaw Group has posted strong results for the first half of 2015.
In its interim results for the six months to 31 July, it has seen a 41% rise in adjusted EBITDA to £1.2 million from £0.9m for the same period in 2014.
Group turnover saw a 42% rise to £16.7m (£11.8m in 2014) and gross profit rose 44% to £7.5m.
The past six months has seen the group set out ambitious expansion plans, including an increase in store numbers and staff. It anticipates additional expenses as it carries out this expansion.
Chairman Richard Rose said: “Since my last statement at the end of June we have seen a significant improvement in sales momentum as a result of a number of initiatives launched by new management. This has strengthened our like-for-like (LFL) performance from -2.2% in Q1 to +3.5% in Q2. I am pleased to note that this has continued into H2 with the first seven weeks of the period showing LFLs at +6.7%. This improvement is being seen across the whole Crawshaw and Gabbotts store portfolio, so is particularly encouraging.
Rose expressed satisfaction with the roll-out so far. “New store performance continued to provide much encouragement, with two new stores opened in the period under review. Of particular note is the performance of our two most recent stores, Bolton and Worksop, which most closely represent our roll-out concept. Both stores opened well and are trading ahead of our expectations with early indications they will outperform our ‘base case’ profitability assumptions.”
An update on the Gabbotts Farm integration was also given. Crawshaw Group acquired the company earlier this year, which consists of 11 retail butchers’ shops, and a factory shop attached to a small distribution centre in the north west of England. “We are delighted with both the strategic and geographical fit, and its performance to date. It was quickly fully integrated, is being re-branded, and its trading performance is extremely encouraging.”
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