New Covent Garden Market has announced an improvement in business for 2004 despite difficult trading conditions.
The fruit and vegetable market saw an increase in turnover of over seven per cent to £341 million and the flower market’s turnover was up by nearly five per cent to £64m. Trade in the catering distribution sector also rose, albeit by less than in previous years at 1.6 per cent to £125m.
Covent Garden Market Authority announced in its 44th annual report and accounts a £1.4m pre-tax surplus for the year ended 31st March 2005.
During the financial year, the authority spent £1.103m on capital works, in addition to a contribution of £1.1m provided by Defra as part of a major programme of health and safety related works to bring the market into line with Health & Safety Executive requirements and the Disability Discrimination Act.
Baroness Dean, chairman of Covent Garden Market Authority, said: “New Covent Garden Market is at the heart of London’s food distribution network, supplying both the public and the private sector with an unparalleled range of fresh produce. These results show that the market is well placed to continue meeting future challenges and opportunities.”
Mike Liggins, General Manager, added: “This was a very positive year and it is particularly encouraging that trade in traditional wholesaling shows a healthy increase in 2004, after some years of decline. Trading conditions are not easy but the commitment and resilience of the traders is evident in these results. My belief in the future of the Market remains firm and I am sure that it will continue to play a vital role in the supply of London.”
Jan Lloyd, has recently been appointed to take over from Dr Liggins when he retires at the end of October after 31 years with the authority.
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