Profit leap for Toolstation.
Tooled for success
Published: 08 October, 2012
BRIDGWATER: Toolstation has confirmed positive projections with the release of its 2011 Accounts. The company grew turnover by nearly 50%, from £70m to £104m, and reported operating profit of £1.7m, £5.2m up from the deficit of the previous year.
The Somerset-based company now has over 115 sales counters across the UK and continues to open new branches every month, as well as expanding its online ordering system.
Neil Carroll, managing director of Toolstation, said the results were in line with the company’s business plan. “During the last two years especially we have been undertaking a solid expansion programme across the country which is now yielding excellent results,” he said. “All our branches are designed to carry a comprehensive stock of over 10,000 catalogue products at low trade prices and are open to everyone. All items are also available online at www.toolstation.com with free next day delivery on orders over £10.
“This fast, reliable, supply along with unbeatable pricing is key to our success; in today’s challenging construction sector no-one can afford to wait for essential tools and products.”
At the beginning of the year Travis Perkins completed its planned acquisition of Toolstation and Mr Carroll says that involvement with the TP Group had enabled the company to access the additional support required to continue its planned strategy of expansion and growth.
“By being able to fully develop our retail warehousing and distribution facility in Redditch, Worcestershire, and to open sales counters without delay in identified key locations, Toolstation is well positioned to take advantage of opportunities within the market,” he said.
“Efficiency is a key word throughout Toolstation, with cost savings ploughed back in to keep prices low for customers. In this way we are confident we can continue to lead the field.”