20 March 2024
Continued growth for Bestway Group as it publishes accounts for year end June 2023
The Bestway Group, founded by Sir Anwar Pervez, OBE H Pk has seen a 5% growth in revenues to £4.74 billion for the year ended June 2023, with pre-tax profit of £420.9 million, announced The Lord Choudrey CBE SI Pk: Group Chief Executive Bestway Group
The strong performance has been attributed to the Group’s agility in responding to fast-changing market conditions and taking necessary measures to reduce the impact of key risks in the business with appropriate policies where possible.
In addition to the continued growth of the business, key highlights for the year included the acquisition of Lexon a pharmaceutical wholesaler serving over 3,000 retail pharmacy customers across the UK and Eire.
In Pakistan, the Group completed the construction of two cement plants. Today the Group’s total cement manufacturing capacity stands at 15.3 million tonnes per annum.
The Group’s portfolio includes the UK’s largest independent food wholesaler (Bestway Wholesale) and the UK’s 2nd largest retail pharmacy chain in the UK (Well Pharmacy), alongside Pakistan’s largest cement manufacturer (Bestway Cement) and Pakistan’s 2nd largest private bank (United Bank Limited). In addition, the Group holds significant property investment in both the UK and Pakistan.
During the year, the Bestway Group continued its philanthropic approach, giving back to the communities in which it operates, as well as through its various subsidiaries with donations totalling more than £2m, covering university endowments in the United Kingdom as well as supporting local and national charities such as The Duke of Edinburgh Award, Queen Elizabeth's Foundation for Disabled People, Barnardo’s and Crimestoppers.
During the year, Bestway Group and its subsidiaries won a number of accolades, including Bestway Foundation winning The Philanthropy Award at the Asian Business Awards for its philanthropic efforts in the UK and overseas.
Commenting on the Group’s performance, The Lord Choudrey, Group Chief Executive of Bestway Group, said: “The year ending June 2023 has continued to remain an exceptionally volatile environment as the world emerged from the Covid pandemic and came to terms with the macro-economic impact of the Ukraine-Russian conflict including significant global inflation.
“Despite facing these immense challenges and the subsequent turbulence that we have seen across global markets I am pleased that the Group has retained its focus on growth, service and efficiency to support customers during this time and it has shown real resilience enabling the Group to exhibit both growth and stability.
“The results are testament to the agility of our business model which will continue to deliver growth in the year ahead.”
Sir Anwar Pervez, Chairman of Bestway Group, commented: “The Group has continued on its growth trajectory in 2023 and we are confident that our businesses will continue to gain share within their respective markets during 2024.
“Looking to the future, we aim to continue to grow all of our business organically and also support them in pursuing strategic investments and acquisitions to better serve our customer base. I am confident that the combination of our experienced Board, and long-term growth objectives, puts Bestway on course for a successful future.
“I remain indebted to our fantastic colleagues across all our businesses and their continued efforts. They have all gone above and beyond to ensure the Group grows and that we continue to service the communities we operate in both in the UK and Pakistan.”
Bestway Group today has a customer base of over 12 million customers and employs over 28,000 individuals, the Group supports and serves communities through its operations across the UK, Pakistan and the Middle East.