London City Bond bucks downturn
Published:  03 March, 2009

London City Bond has bucked the economic downturn to boost its turnover by 8% to £26.9 million, and made operating profits of nearly £800,000.

The company said new business from Berkmann Wine Cellars, Lanson Champagne, Boutinot and a number of other wine merchants contributed to its growth, as well as strong internal financial management.

LCB last year acquired a warehouse in Burton to distribute to the Midlands and the north, and opened a new state-of-the-art, purpose-built warehouse at Barking, with 270,000 square feet of space and 34 dock levellers.

It has cut its bank borrowing and decreased debtor days from around 72 to 65 days over the year.

Non-executive chairman Jeff Stanton said: “Financial issues in logistics arising from the economic downturn have been well documented in the media. Therefore an ability to demonstrate financial stability is becoming ever more critical in securing new business.

“Our strong financial management, together with investment in infrastructure and our executive team, has resulted in a good business performance over the past 12 months. As a result of these factors we are cautiously optimistic about the year ahead. We also remain confident of growing turnover to £50 million in the next five years."

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