SHS Group’s 15% revenue jump

Belfast-based firm behind Shloer sees sales grow to £656m despite Brexit difficulties

Jump: SHS Group seen its pre-tax profits rise to £23.1m

Margaret Canning Twitter Email

October 05 2021 10:17 AM

Northern Ireland consumer goods giant SHS Group has reported an increase in pre-tax profits and revenue for 2020 despite incurring costs due to the NI Protocol, its results have said.

The Belfast-based firm, which owns brands from soft drink Shloer and alcoholic tipple WKD to Maguire & Patterson matches and Sunny Jim firelighters, had a 15% increase in revenue to £655.6m and a 17% jump in pre-tax profits to £23.1m.

Staff numbers climbed during the year from 1,148 to 1,210.

A strategic report filed with the accounts said: “Group profits in 2020 reflect sustained investment in our brands, category and channel exports, manufacturing assets and people development.

"Despite an incredibly challenging year of negotiating the pandemic, Brexit, commodity and supply chain pressures, the results were improved by prudent management of operating costs and optimal portfolio management.

"The directors consider that in light of prevailing societal and market conditions, both the results for the period and the prospects for the future are satisfactory.”

It said that it had prepared extensively for Brexit and that “as a result, the end of the transition period has not had a significant impact on the group”.

But it added that there had been “additional administration work and costs due to the customs and NI Protocol requirements”.

A spokeswoman for the company said: “SHS Group revenue and trading profits in 2020 reflect the significant commitment and expertise of our people, sustained investment in our brands, category and channel expertise, manufacturing assets and people development.

"Despite an incredibly challenging year of navigating the pandemic, Brexit, commodity and supply chain pressures, results were improved by prudent management of operating costs and optimal portfolio management. In terms of Brexit, in order to address the associated changes, we used consultants and recruited specialists in customs and excise.

"The business also incurred additional costs due to elongated supply changes and the complexity of importing goods into the UK from overseas and from Great Britain into Northern Ireland.”

The company is led by chief executive Elaine Birchall, who was awarded an MBE for services to economic development in the Queen’s Birthday Honours List in June.

Speaking to the Ulster Business podcast in June, she said the firm is still eyeing up potential expansion opportunities despite the pressures of Brexit and the pandemic.

She also described the impact of the surge in online shopping during the pandemic on SHS Group.

She said: “The advantage is a great new channel which has become available, particularly to the older generations.

“The downside is you don’t do the impulse shopping, the browsing of aisles and deals,” the chief executive added.

In 2019, the company bought Standard Brands UK, the owner of firelighters such as Zip and Sunny Jim.

It also snapped up 3V Group, which owned nut butter brand Meridian and soft drink producer Rocks.

SHS Group’s 15% revenue jump

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