London wholesale market New Covent Garden Market has announced its results for 2011/12, with improvements in operating profit, turnover and total market trade.
According to the Market Authority's 51st Annual Reports & Accounts, operating profit before feasibility costs grew 11 per cent from £1.5m (€1.9m) to £1.7m (€2.1m) for the 12-month period.
Total market trade (turnover) reached £604m, up nearly 8 per cent from the £560m recorded in 2010/11, while the market's occupancy rate for trading areas rose to 85 per cent, the Market Authority (CGMA) revealed.
Jan Lloyd, chief executive of CGMA, said that the year had seen 'much good work come to fruition', and pointed to the higher operating profit before feasibility costs and 'gratifying' customer satisfaction levels.
Other key performance indicators showed that CGMA increased the level of general service charge for the year, due to 'the challenges of an ageing market infrastructure', and demonstrated that total volume of waste recycled was up by 14 per cent on 2010/11.
'I am pleased to report that we have made significant progress in our plans to redevelop New Covent Garden Market,' said Baroness Brenda Dean, the outgoing chairman of CGMA. 'We have submitted an outline planning application for the market and with your approval we have selected our preferred private development partner, Vinci St Modwen. Together, these steps helps ensure the future of the market.'
Baroness Dean highlighted the importance of the market to regeneration in the local area and London tourism generally, while noting that it is playing an essential role in supplying the city's hospitality sector - particularly in London's Olympic year.
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