Covent Garden Market Authority (CGMA) has said that its revenue increased by 7 per cent and its profit was £1 million in its most recent financial year.
New Covent Garden Market (NCGM)’s total trade was £646 million, up 8 per cent on the previous year, according to CGMA's 54th annual report and accounts for 2014-15.
Data from CGMA shows that sales of fruit and vegetables at NCGM are up by 17 per cent, while sales of flowers at the market are up by 11 per cent.
The announcement comes amid frosty relations between CGMA and the New Covent Garden Tenants Association (CGTA) over the future of the market.
A CGMA spokesperson said: 'In 2014-15 we both celebrated the 40th year of our move to Nine Elms and entered a completely new chapter in the market’s history.
'In January our plans for transforming NCGM were approved and just after the year-end our agreement with VINCI St. Modwen went unconditional. The next exciting phase of the redevelopment will build on the market’s heritage and keep it at the heart of London’s food supply chain.'
The identity of the new site was recently unveiled by CGMA, drawing criticism from the chair of the CGTA.
Gary Marshall claimed that for traders, logos and “glossy pictures” were unimportant compared to issues around the decant and migration strategy and how they are going to continue to trade successfully during the seven years of the rebuild. “If you can get people confident in that change they will support it,” he said.
