Booker posts profit jump and awaits clearance on Makro deal
SHARES in Booker rose more than six per cent yesterday after the food wholesaler shrugged off the poor summer weather and reported better-than-expected profits.
The group,which runs over 170 branches supplying caterers, convenience stores, grocers, restaurants and pubs, said pre-tax profit rose to £51m in the 24 weeks to 14 September, up from £45m a year earlier. Revenues rose 3.3 per cent to about £1.9bn.
Total like-for-like sales grew 3.1 per cent, with comparable tobacco sales increasing 1.8 per cent.
The results exclude Makro, the loss-making UK business which Booker bought from German retailer Metro in July.
Makro will be held as a separate business until UK regulators give the go-ahead to the deal. Booker said that subject to clearance, the deal should give the group capacity to grow to being a £6bn turnover business.
“Together we are seeking to become the UK’s leading wholesaler to caterers, retailers and small and medium sized enterprises with a wide range of foods and non foods,” Booker said.