Increased sales of PPE during the first few months of the pandemic helped UK safety company Arco achieve revenue of £320 million.
According to its latest financial accounts – to the end of 30 June 2020, the firm saw sales rise 13 per cent. With the strong demand for PPE offsetting potential declines caused by the impact of ‘economic and political uncertainties’, which included the closure of Arco’s training facilities and retail sites during lockdown.
Underlying profit was also up to £10.7 million. Although the cash position reduced to £4 million by year end, it said, as it had to secure additional stock to ensure the continued supply of PPE.
Over the course of the financial year, the company invested £11 million in its strategic programme to support future growth. This included the timely opening of a 20,439 sq metre extension to its existing distribution hub in Hull in February, ongoing digital transformation, and the building of new company headquarters in Hull’s Fruit Market area (its existing premises having been sold for £3.5 million to the city council to support Hull’s A63 roadwork transformation).
The company says it’s in a good position for the year ahead, with a strong balance sheet.
The company said: “The outlook for the year ahead remains very uncertain as the country faces into a recession, political uncertainty around Brexit grows and the impacts of the pandemic continues. The Group is well positioned to navigate through these challenges, as it has done many times in its 136 year history.”