Profits were up at Norwich camera firm Wex Photographic before buy-out
- Credit: Archant
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.
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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.
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