Crocus achieve 21% growth in sales in 2019
For the 12 months to the end of October 2019 Crocus has seen a 21% increase in internet sales. Sales have grown across all categories and comes on the back of significant investment in management, IT, nursery and warehouse infrastructure during 2018 and 2019. As a result, company sales will be £19.4m for the year ending Oct 2019. This is the 10 th consecutive year of growth in internet sales and represents a compound annual growth rate in sales between 2009 and 2019 of 13.5%.
The decision was made in 2018 to invest significantly in all aspects of the business in order to cope with the continued growth in internet sales and the company’s objective of doubling sales in the next 5 years. In order to fund this investment, the investors and two founding directors have invested £550,000 in additional equity during 2019.
The significant deterioration in the exchange rate as a result of Brexit hit margins in 2018 but the decision to invest in our own propagation facilities has meant that margins are now recovering to pre-Brexit levels.
The loss in 2017/18 was a result of the reduced margins resulting from Brexit as well as the significant investments mentioned above. The directors are very satisfied with the impact of these investments and expect the company to return to profitability in 2019/20.
For further information, please contact:
press@crocus.co.uk
Address:
Crocus.co.uk Ltd, Nursery Court, London Road, Windlesham, GU20 6LQ
28th October 2019
