Nisa reports increased sales and return to profitable growth
In the six months to 2 October, adjusted earnings were £4.2 million compared to £3.3 million in the same period last year. Nisa also returned to profitable growth in the period with a pre-tax profit of £1 million. The growth was achieved with a reduction in distribution costs per case of 0.7%, a 4% reduction in overhead costs, and despite a margin reduced to 10.6% from 10.7% last year.
At its AGM, Nisa also updated its members on the adoption of a three-year strategy to become the “partner of choice” for wholesalers and independent retailers. This includes the launch of a number of key initiatives, including the further development of Nisa’s own brand Heritage range.
Nick Read, chief executive of Nisa Retail, said: “Last year was a stabilisation period for Nisa and we are delighted that our momentum has continued into the new year, with the return to profitable growth a clear highlight in the first half of this year.
“We are confident that we can maintain this momentum and further strengthen Nisa’s position as the partner of choice for independent retailers.”
Nisa also appointed Peter Hartley as independent non-executive chairman following the resignation of Christopher Baker on 2 September. Hartley joined the Nisa Board in December 2012 as an independent non-executive director and was appointed interim chairman in August 2016.
Read added: “I am pleased to welcome Peter Hartley as our new chairman, and the whole board looks forward to working with all our members as we continue to progress Nisa for the benefit of the whole Nisa community.”
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