Liberty investments pay off

UK merchant Liberty Wines has announced an operating profit increase in its latest year-end financial results, despite a decrease in turnover.

David Gleave MW, managing director of Liberty Wines

Reporting its annual figures to the 31 March 2013, the company confirmed an operating profit of just under £2 million on a turnover of £36.5m, nearly 5% lower than last year’s turnover. This was accompanied by a slight increase in gross margin to 18.2%

The company’s overall performance enjoyed a boost from its production business, which saw profits grow to £241,400 from £66,500 the previous year. Meanwhile its Liberty Wines Ireland arm enjoyed a 16% year-on-year sales increase.

Describing himself as “pleased” with the results, Liberty managing director David Gleave MW attributed them to a “focus on quality and service”.

Looking ahead, he continued: “We are optimistic for the coming months, particularly as we have made significant investments in our sales team in the UK and have completed the build of, and move to, our new freehold warehouse and offices in Clapham, London.”

Indeed, Gleave indicated that these recent investments were already paying off, revealing  “October 2013 was a record month for sales in the UK and Ireland, which bodes well for the run-up to Christmas.”

Gary Wyatt, chief operating officer for Liberty Wines, added to this assessment, saying: “It was a challenging year for our sector and we are proud of our stand out performance. Our commitment to service, staff training and well managed overheads will keep us competitive in the year ahead.”

Founded by Gleave in 1997, Liberty Wines currently imports and distributes wine from around 200 producers in 17 different countries.