SALES UP BY £3M AT SPECIALIST FOOD IMPORTER
12 May, 2015
Newport-based Kwan Yick, a specialist food importer of brands including Amoy, Tsingtao Beer, Tate & Lyle and Tilda, has posted a £3m increase in turnover in its latest financial year, with pre-tax profits increasing by almost 20 per cent.
In the latest accounts for Kwan Yick (UK) Ltd, covering the year to 30 June 2014, sales rose by 12 per cent to £28.4m, from £25.6m in the previous year.
Pre-tax profits also rose by 19 per cent to £947,000, up from £796,000 in its previous results.
Staff levels remained stable with an average of 57 employees during the year, up from 56 in 2013.
In a report accompanying the results, the directors said: "We are pleased with the performance of the company during the year.
"Whilst trading conditions are expected to remain competitive and challenging throughout the 2015 financial year, the directors consider the company to be well positioned to take advantage of any new opportunities that may arise."
Kwan Yick was originally founded in 1982 to supply packaging materials and a limited selection of foodstuffs to the fast food industry in South Wales. It now distributes to more than 1,500 clients across the UK.
It products include rice, oils, sauces, beer and spices, imported from China, Hong Kong, Thailand and the Middle East.
The company is based at an 80,000 sq ft warehouse Reevesland Industrial Estate in Newport.
Kwan Yick sponsored the Mooncakes for the Bristol and West of England China bureau mooncake festival celebrations.