Press release
Distributor Target Components have enjoyed their most successful year to date, with their recently published accounts for the year ended 31 March 2010 showing a significant rise in turnover and triple digit growth in profits.
Turnover increased 35% from £13.0m to £17.5m, whilst pre-tax profits trebled to £450k.
Managing Director Paul Cubbage believes this is good news all round: "We've increased staff numbers by over 40% during the year, which is obviously good for the local economy. We share 10% of pre-tax profits equally between all employees, so it's good news for our staff. We retain all of the profits within the business, giving us greater scope to invest in development and to keep improving, so it's also good news for our customers."
Cubbage also believes that Target's performance represents good news for the channel as a whole, demonstrating the strength and resilience of their customer base in the face of difficult economic conditions: "Our customers are primarily independent retailers and small to medium resellers, and whilst our customer numbers are up, we've also seen a very healthy growth in customer spend. I believe the last couple of years have seen a resurgence of independent retailers with local expertise and the ability to offer a more personal customer service approach. We couldn't have achieved the level of growth without the strength of our customers."
Target are also seeing the growth continue into their new financial year, with Q1 (to 30 June) up 25% and Q2 up 36% to date.
