Although times are tough for UK business, positive story's do come along every so often. One such is that of Yorkshire-based Target Components, an IT distributor which prides itself on a diverse customer base of small to medium size independent retailers, etailers and system builders.
Results for the year ending 31st March 2012 show record performance for Target, with sales topping £20 million for the first time. This represents a 4.4% growth from last year, bucking national trends, and has lead to a more modest pre-tax profit growth of 0.9% year-on-year. The years' pre-tax profit figure of £706,472 is after employee profit-sharing, which shaves the headline pre-tax profit by 10%.
Paul Cubbage - MD, Target Components
Managing director Paul Cubbage commented "We're delighted to announce another record year in the current climate. We've invested heavily this year to increase the level of help and support that we provide our customers, particularly free business advice via Target Business Advisory Services and Shoptalk. We've also invested significantly in increasing our headcount, so to see profit increase is particularly pleasing, and is once again a testament to the resilience and loyalty of our customers".
Whilst the sixth year consecutive year of growth, this is the slowest level of growth experienced thus far. Each of the five previous years saw in excess of 40% bottom line growth, an impressive but ultimately unsustainable rate; the challenge for Target is now to continue to grow despite a mixed economic outlook UK-wide.