Profits were up at Norwich camera firm Wex Photographic before buy-out
PUBLISHED: 10:04 20 March 2017 | UPDATED: 10:21 20 March 2017
A photographic firm saw its profits and turnover rise in the year leading up to its sale to a private equity firm.
Online camera retailer Wex Photographic, based in Norwich, reported a pre-tax profit of £1.9m in the 12 months to June 30 2016, up from £1.16m the year before, according to results published recently at Companies House.
Turnover also rose by £5.29m to £62.29m in the same period.
Earlier this month it was announced the EDP/EADT Top100 company had been bought by investor Aurelius for an undisclosed sum.
It is due to be merged with international camera seller Calumet Photographic.
In his strategic report as part of the accounts chief executive David Garratt said: “The company benefited from a growth in video products as well as further growth of its part exchange and second hand sales operations.”
Investment firm Aurelius, which also owns Norwich-based Briar Chemicals, said Wex’s turnover was around £70m and had half a million customers when it purchased the business.