Turnover takes a £13m stumble at safety supplier Arco - Brexit uncertainty blamed

发布时间:2020-07-02编辑:admin阅读(335)

UK-leading safety supplier Arco is now focusing on the coronavirus response after posting solid results for a challenging financial year. 

The Hull-headquartered business “held firm” against tough market and trading conditions driven by Brexit, returning an operating profit of £8.3 million on a turnover of £282 million to June 2019.

Margins were tightened as revenues came in down 4.2 per cent from £295 million in the year prior, when a £10.2 million profit was achieved.

Managing director David Evison described the reporting period as one in a “volatile economic climate driven by uncertainty,” with accounts signed off in October, ahead of the General Election, and flagged up a £25.9 million investment in supply chain capability and digital expansion to support long-term growth.

Mr Evison said: “Arco is on a sound financial footing and our ongoing investment programme has put us in a position to be able to respond to the Covid-19 pandemic and play our role in keeping frontline workers safe.

Turnover takes a £13m stumble at safety supplier Arco - Brexit uncertainty blamed 甘肃快3 第1张David Evison, third left, welcomes former England and Arsenal footballer Paul Merson to open a new Hull branch in January, with - from left - divisional retail director Paul Frewin, vice chairman Stephen Martin, retail sales manager Nathan Stamford and sales director Bryan Lawrie. (Image: Peter Harbour)

“As a responsible business with expertise in emergency response, our priority is protecting our colleagues and supporting our existing customers. We are working to manage supplies and meet demand, prioritising the most urgent requirements and issuing up to date information to customers and colleagues through our usual communication channels.”

Arco has essential supplier status, and is working with the private sector, government agencies, frontline and and non-governmental organisations to provide “expert advice and guidance on product selection” to meet the demand for critical products such as coveralls, masks, face shields and gloves.

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Mr Evison said Arco is managing its supply chain carefully to ensure that it can meet customer requirements and prioritise those working with the UK’s first responders and other critical care UK public sector bodies.

Looking back over the financial year, he said the company continued to embed its revised sales and support structure, which saw regional customer services offices closed and a new customer engagement centre in Hull, and told how work to double the size of the National Distribution Centre off Henry Boot Way was now complete.

Turnover takes a £13m stumble at safety supplier Arco - Brexit uncertainty blamed 甘肃快3 第3张Arco's new National Distribution Centre (Image: HullLive)

The year also saw the head office move announced to allow for the A63 Castle Street Improvement scheme to progress, with a new £16 million flagship build close to the Fruit Market currently on hold due to the outbreak. It had been due for completion this year, with no revision given.

The current HQ, on Hessle Road - just before the Mytongate junction - sold for £3.5 million, and will make way for a construction plant to deliver the upgrade, should it get planning approval having just been signed off by the Treasury.

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Founded in 1884, Arco employs 1,700 people, with a branch network led out of the city.

Dividends of £20.50 per ordinary share, totalling £2.6 million - the same as 2018 - have been proposed.

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