Turnover down but margin up at M&M Value Ltd

Delivered wholesale and cash and carry business M&M Value Ltd has reported mixed fortunes for the year ending April 30, 2013

The company, which is headquartered in North Shields and has depots across the North East, suffered a drop in turnover from around £16.95m to £14.2m but gross margin picked up, going from 8.9% to 9.8%.

The resulting operating profit for the year was around £110,000, compared to £210,000 in 2012, while net assets increased from £1.7m to £1.8m.

M&M Value is part of Kitwave Ltd, which itself is a wholly owned subsidiary of Kitwave One Ltd.

Kitwave Group recently reported record results, almost doubling its turnover in two years to £193m. It also won a place on this year’s Sunday Times Grant Thornton Top Track 250 league table.

A director’s report accompanying M&M Value’s latest results said: “The availability of sufficient levels of finance to allow the company to achieve its long-term plans is essential.

“As a result of the strong cash generation of the Kitwave One Limited group, the availability of sufficient finance is considered to be well managed and the required finance facilities are already in place.”

It added that the company’s performance depended to a significant extent upon a “limited number of key employees”.

“The company has endeavoured to ensure that these key employees are incentivised but their retention cannot be guaranteed,” it said.

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