Notcutts announces growth in profit as part of ongoing redevelopment strategy
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Notcutts, the UK’s largest family owned garden centre group, has today announced profit for the 12 months to February 2015 of £7.4m vs £1.3m prior year.
A significant part of the increase was due to profit on property disposals, however operating profits increased by 256% to £1.1m (last year £0.3m) representing a return to growth for the garden centre operations and a strong return on investment for the redevelopments in Wheatcroft (Nottingham) and Tunbridge Wells. Trading performance for the first six months of the current year continues the upward trend showing a year on year increase of 11%.
The company strategy is to invest over £30m over the next five years in redeveloping its garden centres to provide a differentiated customer experience. Exciting changes have recently been unveiled at Woodford Park in Cheshire with a glittering new Christmas wonderland; an inspiring gift department and friendly new pet centre to surprise and delight customers.
Nicky Dulieu, Chairman at Notcutts said: “We are clearly pleased with our financial performance for last year and the continued improvements this year, which demonstrates the success of our customer service and improved product offerings as well as the investments already made. Our newly developed centres have proved really popular with our customers and this has reinforced our strategy to redevelop our garden centres over the next 5 years.”
Caroline Notcutt, Vice Chairman, said: “This is an important time for Notcutts and the family remain committed to our growth strategy of investment in the core estate. We also continue to look for the right businesses for acquisition to enhance our portfolio of premium garden centres. I am looking forward to ensuring my father, Charles Notcutt’s vision of creating a business to inspire gardeners for many generations to come, is fulfilled.”
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