Blue Diamond Ltd have reported a pre tax profit of £10.8m for the year ended December 31st 2018 a 18% increase on 2017.
Chairman, Simon Burke, says in his report: "By any standards, 2018 was a dramatic year for Blue Diamond. Our biggest garden centre opening ever, the acquisition of nine centres from Wyevale, a share issue, a sale-andleaseback of Brambridge, and extraordinary swings in the weather all played their part.
"I am very pleased to report that we have navigated them all with success. Our headline profit before tax grew by 18% on total sales up 32%, and despite the very substantial acquisition during the year, our debt is well within acceptable parameters."
Managing DIrector, Alan Roper, pays tribute to the Blue Diamond Team for acheving the results: "2018 was a year the Group seized a rare opportunity for significant growth when we purchased nine Wyevale garden centres with an annual turnover of nearly £37m.
"The purchase completed in mid-August and the significant task began to assimilate the businesses into the Group. My operations team have been exemplary in rising to and delivering on this challenge. In fact, one would go as far as to say that despite the onerous nature of the task in hand it was met with huge enthusiasm and a modicum of excitement. This enthusiasm was matched by the existing employees and customers of the stores upon hearing Blue Diamond would be acquiring them.
"The team and culture within this Company is by any measurement exceptional. I am enormously proud of them and their achievements. They have a great affinity in the way they work together, and their loyalty to the Company and each other is second to none.
"Looking forward we have three new-build centres in the pipeline with hopefully a fourth to be agreed soon, and a number of our centres are earmarked for expansion when we have completed the current investment programme on the recent acquisitions. This new business coupled with the growth from the recent acquisitions should see the Group turnover approach £200m within the next five years."
Read the full Annual Report and Consolidated Financial Statements using this link.
See GTN Xtra's photo tour of Blue Diamond Endsleigh from the first week of May 2019.
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