Whistl reports “record profit” in first year following management buyout
Whistl has reported that it achieved a record profit in its first full year following the management buyout (MBO) of the company in 2015. For the 2016 financial year, Whistl reported a profit of £9.6m and EBITDA of £13.6m on a turnover of £592m.
The company also saw a broad increase in volumes, with parcels up 8.6%, Doordrop Media up 19.7%, and a 30.2% jump in international volume.
In a statement sent to Post&Parcel today (27 March), Whistl said that its 118% improvement in underlying operating profit was “driven by a solid performance in mail, the three growth areas, together with efficient, high quality operational delivery and keenly focused cost management”.
The company also reported that it had increased capital expenditure by 43.5% over last year, with continuing investment in IT, operational infrastructure and back office systems to support its growth plans.
Whistl’s CEO Nick Wells commented: “Since the MBO, our strategy at Whistl has been underpinned by our core Downstream Access infrastructure and experience, and is supplemented with growth strategies for our Parcels, International and Doordrop Media services.
“Our strong financial performance in 2016 is based upon our commitment to cost efficiency and providing best in class account management, excellent quality and strong customer relationships.
“Supported by significant new customer wins in Q1/17 and continued investment in the business, including our new super depot in Bolton, we expect Whistl to continue to deliver excellent growth.”
A copy of the Whistl 2016 Annual Report is available here.
