Booker cautious despite profit surge

Profits at wholesaler Booker rose by a quarter in the past year with pre-tax profits up 25% over the year to 25 March. Total sales were up 6.2% to £3.6bn in the year to 25 March, the cash & carry giant said, with like-for-like sales up 5.1%.

CEO Charles Wilson notes that the UK consumer economy was showing patches of growth but demand remained extremely volatile. “It’s the most patchy I’ve ever seen it. Some markets are growing quite nicely, London is doing quite well, some other parts of the country are very very slow growth or negative,” he adds.

British retail sales climbed more than expected in April, boosted by the extra holiday for the Royal Wedding and record temperatures, official data showed on Thursday.

Wilson, however, does not expect the overall wholesale market to improve much in the next couple of years. “There’s a real search for value taking place, and as a result caterers and retailers are being more canny in terms of the way they buy,” he says.

He noted that while the UK wholesale market had contracted by about 1% in 2010, Booker’s sales in the year to March 25 had increased 6.2% to 3.6 billion pounds, with customer numbers rising by 28,000 to 459,000.

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