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St.Kitts-Nevis’ Oldest Trading Company Records Highest Profit Ever

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S.L Horsford & Co. Ltd , the Federation’s Oldest Trading Company has recorded  a second straight record breaking year. According to the Company’s Annual Report for 2016 the company recorded Income before taxation of some $16, 145, 651. Company Chairman W. Anthony Kelsick reported that the results of 2016 were satisfactory and the profitability continued on it’s growth trend resulting in the highest profit ever achieved by the 142 year old trading company .

 

As of September 30 th th, 2016, S.L. Horsford & Co. Ltd.,  which was established in 1875, saw the highest sales reported in the history of the company with a turnover group sales of some $158,767,780 versus $157, 118, 254 for 2015, an improvement of $1,649,526 or 1.05%.

W. Anthony Kelsick- Chairman/Managing Director of the Horsford’s Group of Companies

The Chairman’s report indicated that the improvement reflects the continued strength of the St.Kitts-Nevis Economy as all of the   primary operations of the company showed improvements

In 2012 the company’s report showed a stark difference. That year,Mr. W. Anthony Kelsick, Chairman and Managing Director, wrote: “The results for 2012 have been very disappointing as the economies of St. Kitts and Nevis continued their decline, which has resulted in the Group recording a significant further decline in their profitability.”  The Group had negative retained profits in 2012.

Mr. W. Anthony Kelsick continued in his Chairman’s Report for 2012: “The economy, already in decline for the past 5 years, continued its decline even further in 2012.  The result of this, along with the effects of VAT and increased electricity costs, caused further contraction on the ability of the residents of St. Kitts and Nevis to spend.”

 

This stands in stark contrast to 2015, which netted record sales for the Group.  After having expressed his disappointment in 2012, the Chairman now notes with pride the successive record breaking years for the company in 2015 and 2016. The improvement has enabled the company to return staff levels to their historic levels and to meet increased service demands.

Chairman Kelsick expressed that the economic growth outlook and results for 2017 is expected to continue on it’s current path.

 

The Horsford’s Group of Companies along with being one of the largest TRADING Companies on the island boasts one of the most dynamic and exciting Marketing and Promotions programme in the federation . This along with exceptionally sound and  prudent leadership and management of Chairman/Managing Director W. Anthony Kelsick  and a growing and vibrant economy has greatly enhanced the company’s presence in the market as well as it’s continuing record breaking profitability and sales activity .

The Company’s Director’s has recommended a final total dividend payout of some $6,029, 686.00 or $0.10 per share

 

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