Blakemore sees sales decline but EBITDA rise by 52%

AF Blakemore & Son saw sales decline from £1.24 billion to £1.18 billion for the 2023/24 financial year.

Food to go was a strong performer for Blakemore.

However, positive actions on high margin categories and cost control meant that adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] increased by 52% from £19.3 million to £29.4 million after exceptional items.

Blakemore reports that sales momentum came from an ongoing investment in customers that delivered innovation including Vape, Prime and MrBeast alongside food to go across brands like County Bridge, Harriet’s Bakery, and Philpotts. The instore customer experience was elevated with a digital first approach incorporating electronic shelf edge labels and digital screens across the company-owned estate.

Investments in technology across the company-owned SPAR estate have driven rigour and efficiency, whilst the introduction of four EHGV trucks into the Blakemore fleet and work in the supply chain removed six million food miles from the supply chain network.

Blakemore also reports that whilst the second half of the year was more difficult, with increased competition, poor weather and reducing inflation, footfall remained positive and productivity initiatives delivered improved margins.

Acknowledging the role of colleagues within the business, chairman Peter Blakemore thanked them for their approach and commitment to the company and expressed his confidence in the focus and energy that the new CEO Carol Welch and her senior leadership team have brought to the business.