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Notcutts reports huge profit jump and reveals big investment plans

Published: 12 November 2015
Family-owned garden centre, Notcutts has revealed a 469% profit increase for the 12 months to February 2015, from £1.3m the previous year to £7.4m.
Notcutts reports huge profit jump and reveals big investment plans
A significant part of the increase was due to profit on property disposals. However, operating profits also increased by 256% to £1.1m (from £0.3m the previous year) representing a return to growth for the garden centre operations and a strong return on investment for the redevelopments in Wheatcroft (Nottingham) and Tunbridge Wells.

Turnover also increased by more than 7% for the 12-month period and, according to Notcutts, trading performance for the first six months of the current financial year continues the upward trend, showing a year on year increase of 11%.

The company strategy is to invest more than £30m over the next five years in redeveloping its garden centres to provide a differentiated customer experience. Big changes have recently been unveiled at its Woodford Park centre in Cheshire, including a new Christmas wonderland, and new gift department and pet centre.

Notcutts chairman Nicky Dulieu said of the announcement: "We are clearly pleased with our financial performance for last year and the continued improvements this year, which demonstrates the success of our customer service and improved product offerings as well as the investments already made. Our newly-developed centres have proved really popular with our customers and this has reinforced our strategy to redevelop our garden centres over the next five years."

Vice chairman Caroline Notcutt added: "This is an important time for Notcutts and the family remain committed to our growth strategy of investment in the core estate. We also continue to look for the right businesses for acquisition to enhance our portfolio of premium garden centres. I am looking forward to ensuring my father, Charles Notcutt's vision of creating a business to inspire gardeners for many generations to come, is fulfilled."

Notcutts was founded in 1897 by Roger Crompton Notcutt and has remained in family ownership since then. The business currently operates 18 garden centres throughout England and has a turnover in excess of £60m.

Comments

12 November 2015 00:01:00
By Notcutts employee
As long as they keep putting profits before the environment and their staff, then all will be well with the world.

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