William Sinclair sees profits rise

Revenues leapt by 19 per cent in the six months to March 2011 as William Sinclair benefited from the strong Euro and the acquisition of Growing Success from Monro South.

Profits go up for the six months to March 2011 at William Sinclair - image: HW
Profits go up for the six months to March 2011 at William Sinclair - image: HW

William Sinclair Holdings said profits before tax rose to £0.65m from £0.19m and revenue jumped 19 per cent to £26.1m from £21.8m in the six months ending 31 March 2011.

The producer of commercial horticulture and branded garden products brands include J Arthur Bower's, Silvaperl and New Horizon and customers include Garden Centre Group, Sainsburys, Wilkinson, Homebase and B&Q and independent garden centres.

Chief executive Bernard Burns said: "Our strategy is to exploit the company’s pre-eminence in the UK horticulture growing media market with particular emphasis on consolidating our lead in peat free technology. We expect our market to prosper from both demographic trends and the fragile state of the UK economy as, traditionally, gardening becomes more popular in times of austerity.

"It is pleasing to see the improving financial performance that stems from management actions and I am confident that William Sinclair will continue to generate shareholder value."

Burns said taking on Growing Success from Monro South had helped top line growth. He said there was strong demand for growing media as gardeners and nurseries replaced stock damaged by the severe frosts early in the winter.

He added: "Our high quality product and service levels continue to attract new customers despite the retail market struggling in some sectors. The appointment of administrators at Focus DIY is the latest evidence of these difficulties.  William Sinclair’s net exposure here was limited due to the tight credit control procedures adopted."

He added that the relative strength of the Euro against Sterling continues to benefit the company "whilst disadvantaging our overseas competitors".

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