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Notcutts: Profits Rise During Year Of Redevelopments

Notcutts.jpg

Notcutts sales were up +1.9% to £76.1m for the year ending February 2020 despite significant disruption from its redevelopment and garden centre improvement programme. 

Operating profit (before interest and tax and exceptional items) was £1.7m, a +52% improvement on last year.  Gross margin improved by +1.4% to 48.9%. 

Chief Executive, Nick Burrows said: “We are pleased with our progress during a year in which we were able to deliver further growth in operating profit. A continued focus on margin and a successful cost efficiency programme helped underpin this achievement.”

2019/20 redevelopments

£9.2m was spent on capital expenditure in the year.

Restaurant redevelopments were completed at Woodbridge, Cranleigh and Ashton Park. Full centre redevelopments, covering both retail environments and restaurants were completed at Booker, St Albans and Garden Pride (Ditchling). In each of these schemes Notcutts’ trade mark show gardens were included as part of the developments.

Two further show gardens were added in Maidstone and Victoria (Pontefract) and a woodland heritage walkway was opened for customers in Woodbridge.

The group has also received permission for future improvement projects at Notcutts’ Oxford, Tunbridge Wells and Solihull garden centres.

Development programme paused

Nick Burrows said, the group has paused its development programme for a period due to coronavirus situation.  He added “Like others, we have made a number of adjustments to our business model to reflect the current unprecedented situation. We believe these will place us in a good position to gear up again quickly when more normal trading conditions return”.

During the year Bridget McIntyre joined Notcutts as Chairman.

Source : Reproduced with permission from George Bullivant at GardenForum

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26 November 2020

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