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Notcutts reports strong profit performance

Notcutts flower car

Notcutts garden centres has announced profits for the 12 months to February 2015 of £7.4m against £1.3m for the previous year.

A significant part of the increase was due to profit on property disposals, however operating profits increased by 256 per cent to £1.1m (last year £0.3m) representing a return to growth for the garden centre operations and a "strong return on investment for the redevelopments in Wheatcroft (Nottingham) and Tunbridge Wells".

Trading performance for the first six months of the current year continues the upward trend showing a year on year increase of 11 per cent.

The property disposed of was Bagshot Garden Centre. Notcutts are currently in the process of finalising their plans for redevelopment of more centres.

The company strategy is to invest £30m over the next five years in redeveloping its garden centres to provide a "differentiated customer experience".

Woodford Park in Cheshire has a new Christmas wonderland, gift department and pet centre.

Chairman Nicky Dulieu said: "We are clearly pleased with our financial performance for last year and the continued improvements this year, which demonstrates the success of our customer service and improved product offerings as well as the investments already made. Our newly developed centres have proved really popular with our customers and this has reinforced our strategy to redevelop our garden centres over the next five years."

Vice chairman Caroline Notcutt said "This is an important time for Notcutts and the family remain committed to our growth strategy of investment in the core estate. We also continue to look for the right businesses for acquisition to enhance our portfolio of premium garden centres. I am looking forward to ensuring my father, Charles Notcutt’s vision of creating a business to inspire gardeners for many generations to come, is fulfilled."

Source : Matthew Appleby – Horticulture Week
www.hortweek.com/notcutts-sees-return-growth-operating-profits/retail/article/1372432

16 November 2015

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