Notcutts, the UK?s largest family-owned garden centre group, has announced profit for the 12 months to February 2015 of ?7.4m vs ?1.3m prior year.
A significant part of the increase was due to profit on property disposals, however operating profits increased by 256% to ?1.1m (last year ?0.3m) 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. Trading performance for the first six months of the current year continues the upward trend showing a year on year increase of 11%.
The company strategy is to invest over ?30m over the next five years in redeveloping its garden centres to provide a better customer experience. Changes have recently been unveiled at Woodford Park in Cheshire with a new Christmas wonderland, gift department and pet centre.
Nicky Dulieu, chairman at Notcutts, said: ?We are clearly pleased with our financial performance for last year and the continued improvements this year, which demonstrate 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.?