Booker sales were up 13% to £2.5bn, with operating profit and PBT up 9%
Companies: Booker Group
The UK's leading food wholesaler Booker Group has had a strong first half of the year despite market uncertainty, it said as it reported its interim results for the 24 weeks to 9 September.
The company saw total sales up 13% to £2.5bn, with operating profit up 9% (£81.4m), PBT up 9% (£81m), and earnings per share up 11% to 3.83p (2% earnings yield). The company's balance sheet looks strong with net cash sitting at £105.7m.
Operationally, the company reported that customer satisfaction was strong, progress was made in both catering and retail sides of the business, the integration of Londis and Budgens was progressing well, and that its internet sales were up 10% to £506m.
Booker's also said trading in the first four weeks of the current half year is ahead of the same period last year, adding to the strong performance in H1, which will encourage investors:
"We anticipate that the challenging consumer and market environment will persist through the coming year and the UK's food market remains very competitive. We will continue to deliver our plans to focus, drive and broaden the business to provide our customers with better choice, prices and service. Booker Group remains on course to meet its expectations for the year ending 24 March 2017."
Commenting on the results, Charles Wilson, Booker CEO, said:
"This was a good half. Our plans to Focus, Drive and Broaden the business remain on track. We strive to improve choice, prices and service for our catering, retail and small business customers. Londis and Budgens joined the Group last September and the turnaround of the businesses is going well. We look forward to helping our customers prosper in the second half."