THE award-winning Fiveways complex in Newry had another improved trading year in the 12 months to April 2020, with sales and profits showing another upwards trajectory.
The business, run for more than three decades by couple Colm and Brea Meehan, reported a 6 per cent increase in sales from £23,549,385 to £24,955,711, achieved, they said, by "management keeping abreast of customer trends and remaining competitive".
Profit before tax rose from £1,286,282 in 2019 to £2,137,246 last year, and on a bottom line basis, the business cleared just shy of £1.7m.
The Fiveways business, based where the Armagh Road branches off to Belfast, Portadown and Dublin, primarily comprises a petrol forecourt, convenience store and off-licence.
But in recent years it has mushroomed to include a barber’s shop, pharmacy, pet food store, hair and beauty salon, bridal store and major sit-in food outlet.
According to accounts filed at Companies House, the business employs 214 staff (up from 207 previously), and it has an annual wages bill of £2,740,875.
The Meehans say they are "encouraged" by the results over the year, adding: "We continue to operate in a highly competitive market with ongoing pricing pressures, but have continued with the strategy to implement improvements in buying, overhead cost savings and reacting quickly to customer trends.
"This approach has allowed us to maintain a good gross profit margin of 23.6 per cent in 2020, up on the 2019 gross profit margin of 23.2 per cent."
As a result of Brexit, Fiveways has diversified its suppliers and has engaged a customs clearance agency to make declarations.
The directors add: "Given the impact of both Covid-19 and Brexit, and the company's response to these issues, we are confident we can continue to trade and have significant reserves to be able to do so."
