Glasgow wholesale firm Sher Brothers sees turnover drop hit profits
Sher Brothers, the Glasgow-based wholesaler, has dipped into the red following a 7 per cent drop in turnover, which it blamed on a downturn in hardware sales.
According to accounts filed at Companies House, the group posted a pre-tax loss of £182,654 for the year to 31 December, compared with a profit of £427,646 the previous year. Turnover fell to £54.5 million, down from £58.7m a year earlier.
Writing in the company’s latest annual report, director Munawar Hayat said: “The continuing recession remains a challenge for the group. The most negative impact has been at the group’s newest hardware division, where customers appear to be affected most.”
However, he said profits had risen at its Bonnypack fancy goods subsidiary and there was “room for optimism” at the group’s food wholesaling division, where turnover is recovering now that road access – which had been affected by works related to the M74 completion project – has been restored.
Hayat said: “The directors are confident of the group’s long-term future.”
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