Yorkshire based distributor Target Components has posted record results for the year ending 31 March 2011.
The accounts, filed last week at Companies House, show turnover up 13% to £19.8m and pre-tax profits up 56% to £700k, smashing last year's record results of £17.5m and £450k respectively.
The results represent Target's fifth consecutive year of profit growth of at least 40% per year. They also show significant growth in the last two years despite the weakness of the UK economy, with sales up 52% from £13m in 2009 and net profit up over 380% in the same period.
Target's employees benefit from a 10% profit share bonus, with each member of staff getting an equal share of a bumper £80,000 this year, up from £50,000 last year.
Target primarily supply independent IT retailers and small to medium sized resellers, and MD Paul Cubbage believes that another record year for Target reflects the resilience of the independent sector: "Our success is reliant on the continued success of our customers, and our growth in the last couple of years demonstrates their ability to continue to thrive in a challenging environment."
Cubbage also believes that demand in the economy will remain flat for the foreseeable future, but sees it as a primary responsibility of Target to ensure that their customers continue to succeed.
"We like to think that we do more than most to help our customers, but we aim to do much more. Our open day in September is based principally around business support, and we will be introducing a number of other initiatives over the next few months. This year's primary focus is to improve the level of help and support that we provide. When the economy finally emerges from the flat conditions, we want all of our customers to emerge with us better and stronger than ever before."