New Covent Garden Market (NCGM) achieved total turnover of £606 million in 2008-09, an 11 per cent increase on 2007-08.
The greatest increase in trade came from wholesale distribution, which was up 16 per cent. Fruit and vegetable wholesaling rose by more than eight per cent, while flower wholesaling dipped marginally by one per cent.
Covent Garden Market Authority’s (CGMA) trading profit before taxation and feasibility study costs was £2.24m, up eight per cent on the previous year.
Trading space in the market fell to 94 per cent compared to 95 per cent in the previous year, while office space let fell from 60 per cent in 2007-08 to 52 per cent - a decrease that CGMA said reflects the economic climate and the fact that market leases have a limited time to run before renewal in April 2010.
The market houses 234 businesses and 2,800 employees, supplying 40 per cent of the fruit and vegetables eaten outside the home in London. Overall satisfaction of tenants - that is those judging CGMA to be good or excellent - increased from 75 per cent in 2007-08 to 90 per cent, exceeding the 80 per cent target set.
The percentage of waste recycled from the market increased to 37 per cent from 33.8 per cent in 2007-08. The service charge fell by six per cent at the market.
The redevelopment of the market is “well on track”, according to CGMA chief executive Jan Lloyd, although “its final delivery will take time”. Government approval was granted in the last year and work is in progress to secure a private sector partner.
She said: “Meanwhile, we are working hard to ensure that companies based here at the market have the best possible environment in which to do business.”
