Strategic and operational highlights

  • Landmark agreement signed with Morrisons to provide technology and operating services, with launched in January 2014
  • Industry leading service levels improved further with on time deliveries 95.2% and order accuracy 99.0%
  • Range extended to 34,000 SKUs
  • Active customers increased to over 385,000
  • Average baskets increased to £113.53
  • Improved Hatfield CFC ("CFC1") productivity to 135 units per hour ("UPH")
  • Delivery performance improved to 160 deliveries per van per week ("DPV")
  • CFC2 opened on time and on budget, generating over 60,000 orders per week ("OPW") by the end of the period

On time or early


On Time or Early

Average basket size


Average Basket

CFC efficiency (CFC1)


CFC Efficiency

Service delivery


Service Delivery

Financial highlights

  • Gross sales (Group) up 18.6% to £852.5m
  • Gross sales (Retail) up 17.2% to £843.0m
  • Revenue up 18.8% to £792.1m
  • EBITDA up 35.1% to £45.8m
  • Loss before tax and exceptional items of £5.1m (2012: profit of £1.8m)
  • Balance sheet transformed following sale and leaseback of CFC2 real estate and equipment with net assets of £202.4m

Gross sales (Group)


Gross Sales Group

Gross sales (Retail)


Gross Sales Retail




Net assets


Net Assets


  1. 2012 was a 53 week accounting period. 2012 comparable figures based on 52 weeks to 2 December 2012.