Great news from our member, Fiveways Newry who have reported another improved trading year with sales rising by 6% and pre-tax profits of over £1.7m.
These figures are representative of the trading year in the 12 months to April 2020, with both sales and profits showing another upwards trajectory for the family-run business.
The business, run for more than three decades by couple Colm and Brea Meehan, reported an increase in sales from £23.5m to £24.9m achieved, they said by, “management keeping abreast of customer trends and remaining competitive.”
Pre-tax profit rose from £1.2m in 2019 to £2.1m last year and on a bottom line basis, the business cleared just shy of £1.7m.
The business also employs 214 people which is also up from 207 previously with an annual wage bill in excess of £2.7m.
As a result of Brexit, Fiveways has diversified its suppliers and has engaged a customs clearance agency to make declarations.
Fiveways, based where the Armagh Road branches off to Belfast, Portadown and Dublin, primarily comprises a petrol forecourt, convenience store and off-licence.
But in recent years it has mushroomed to include a barber’s shop, pharmacy, pet food store, hair and beauty salon, bridal store and major sit-in food outlet.
The Meehans say they are “encouraged” by the results over the year, adding:
“We continue to operate in a highly competitive market with ongoing pricing pressures but have continued with the strategy to implement improvements in buying, overhead cost savings and reacting quickly to customer trends.”
“This approach has allowed us to maintain a good gross profit margin of 23.6% in 2020, up on the 2019 gross profit margin of 23.2%.”
“Given the impact of both COVID-19 and Brexit, and the company’s response to these issues, we are confident we can continue to trade and have significant reserves to be able to do so.”