Wallaces raises a glass to 26% rise

DRINKS wholesaler Wallaces Express hailed "reductions in operating costs" that helped it to post a 26 per cent rise in pre-tax profits to £2.9 million.

Accounts filed at Companies House showed that the Irvine-based firm - which also owns La Barrique fine wines - achieved the growth in its bottom line despite revenues only rising by 3 per cent to 84.3m in the year to 31 March, far below the 17 per cent uplift posted in the previous 12 months.

Staff numbers were stable, rising from 295 to 296, but wages and salaries were trimmed from 6.1m to 5.8m.