New Covent Garden Market has reported an increase of 7.5 per cent in yearly turnover to £602m (€764.6m) in its annual Reports & Accounts for 2007/08.
Profit after taxation for the Covent Garden Market Authority reached £0.5m (€635,000), while occupancy of core trading space rose 95 per cent from 92 per cent the previous year.
Trade in fruit and vegetables increased slightly, by 0.5 per cent, the fourth consecutive year of growth in the sector.
'You will be aware of our plans to redevelop New Covent Garden Market and the unique opportunity we have to create an outstanding Market for London,' Jan Lloyd, group CEO, said in a statement. 'We are currently well on track with our efforts to achieve this goal which will take time.'
Ms Lloyd added that the new, more modern market would allow greater growth and expansion of the product range available, to provide 'a composite market, or one stop shop', making greater use of the market site.
Chairman Brenda Dean used the report to highlight the benefits of establishing a Food Advisory Board, to better support the market.
'As food becomes more important on the government agenda and consumers show greater interest in the quality and sourcing of their food, there is a greater role for the market and our tenants – that is why we decided to establish a Food Advisory Board,' she said.
