Having acquired Brakes in 2007, new owner Cucina Lux Investments (ultimately controlled by Bain Capital) has revealed financial performance figures for Brakes for the full year to 31st December, as part of its own reporting statement, IGD reports.
For the 52 week period the Brakes group achieved turnover up 10.6% to reach £1,811m, with its UK business underpinning this growth with sales up 12.0% to £1,493m.
Through improvements in cost control and gross margin (up to 9.0%) operating profit was up 24.4% (26.8% in the UK) to £100.4m (£91.2m in the UK), boosting operating margin to 5.5% (6.1% in the UK).
Commenting on the year management said: "... this has been another strong year for the Group, with good sales and earnings growth. ... The main driver of (UK) sales growth as the Broadline business, accounting for approximately 90% of the total sales growth. Growth was achieved in this division through new contract wins and organic sales growth based on strong momentum in both corporate and independent (customers)."
Having acquired Brakes in 2007, new owner Cucina Lux Investments (ultimately controlled by Bain Capital) has revealed financial performance figures for Brakes for the full year to 31st December, as part of its own reporting statement, IGD reports.