Bob Rudd has announced an 11 percent increase in revenue for the year to May 2024, with profits reaching £1.19m despite an increase in the number of employees to 135, as well as rising operational costs.
Newcastle-based machines and hospitality supplier Bob Rudd has announced that revenue for the year to May 2024 rose 11 percent year-on-year, from £10.2m to £11.35m, despite challenges caused by the cost of living crisis.
During the period the company saw staffing costs hit £4.14m as its workforce increased in size – an investment which will cost the company significantly in the era of increased NICS – while supply and energy costs continued to rise. However, operating profit remained steady, dropping just 1.6 percent from £1.21m to £1.19m.
“We’re incredibly proud to share that Bob Rudd, part of The Rudd Group, has maintained strong performance and grown turnover despite the ongoing cost-of-living crisis,” said director Nick Rudd.
“With roots in Newcastle dating back to 1989, our team has weathered major industry shifts – from the pandemic to economic pressures – and come through stronger by innovating where it counts.”
The company derived strong growth from a recent expansion into contactless payment pool tables, investment in premium digital machines, and the continued success of its Clear Cool division, while Rudd also acknowledged the role of “smart cost management, new multi-site contracts, and the dedication of our growing team” in boosting turnover.
Over the course of the year the average number of staff rose from 133 to 135, leading to increased wage, social security and pension considerations, while changes in consumer behaviour put additional pressure on the market as a whole.
“The financial year commenced with a continuation of the cost of living crisis where both our customers and end users of our products felt the impact of rising inflation and interest,” said Rudd.
“The business, despite these challenges, continued to grow revenue and deliver comparable profits through cost management and efficiency schemes, new multisite contracts, increased machine count and growing revenue as we continued to invest in premium digital machines.”
“We also saw continued growth in our pool table offering with contactless payment increasing in popularity and also growth in Clear Cool division across both rental and direct sales.”
Concluding the positive report, Rudd added: “This progress reflects our ongoing commitment to serving our clients across the UK, from single site operators to national PLCs, with the same level of care and technical expertise.”
