Turnover at Top 50 Indie Sewell on the go rose by nearly 19% in the year to 31 December 2021, but pre-tax profit almost halved, according to its latest accounts, which have just been published.
They show that turnover was £57.1m, up from £48.2m the previous year, and reported that the increase was due to fuel volumes bouncing back as commuters returned to work following the Covid lockdowns in 2020.
However, while gross profit was up from £8.1m to £8.9m, operating profit was down from £1.9m to £1.1m and pre-tax profit fell from £1.6m to £860,000. The directors’ report with the accounts noted: “The reduction in retained profit reflects a significant increase in the employee share appreciation provision.”
They reported “Sewell Retail, trading as Sewell on the go, has once again been successful despite the ongoing challenges of Covid-19.”
“The fuel volumes have come back as commuters return to the office and shop customer numbers have remained strong with many continuing to shop local.”
They also revealed that in April 2022, the company expanded its portfolio through a “strategic investment acquisition” of a commercial site for £1.8m. This was funded using existing cash reserves.
”The directors have a proactive strategy towards site acquisitions and new site developments and are excited to grow the business,” they added.