Lyreco UK sales growth defies Brexit
OPI breaks the news that OP reseller Lyreco UK beat FY16 expectations despite a tough year.
In its recently released financial statements for the twelve months ended 31 December 2016, it reported sales of £244.4 million ($323.9 million), up 6% on last year, exceeding internal forecasts.
In a period when the Lyreco group was tightening the reins on its operating expenses and continuing to focus on driving efficiencies, the UK business felt the full impact of a weak pound following the UK’s Brexit vote.
This saw pre-tax profit come in at £13.7 million, down from £17.3 million last year, although the company said this was an “excellent return” considering the challenging trading period.
During the year, Lyreco also continued its investment in its Corporate Accounts and Field Sales divisions as well as actively pursuing a number of new revenue streams and additional routes to market, including the launch of the Nespresso Business Solution B2B division in Scotland.
The company anticipates FY17 sales to exceed FY16 as it continues its expansion into new ranges such as PPE, breakroom, jan/san and print in response to weakened demand from clients in traditional categories.
“Lyreco’s long-term growth target performance depends upon the company’s ability to successfully identify changing customer requirements and develop and sell new products and services to match these customer-centric needs,” said the Lyreco statement.