S.L Horsford & Co. Ltd , the Federation’s Oldest Trading Company has recorded a strong performing year . According to the Company’s Annual Report “2018 was another year of strong performance for the Horsford’s Group of Companies.”
The 145 year old corporation recorded some $14,378,813 in income before taxation representing an increase of $1,052,624 or 7.9% over 2017. Similarly, Income after taxation of $8,437,021 was greater than 2017 by $404,252 or 5.03%.
Similar or better results are expected for 2019 according to Chairman Anthony Kelsick as “the economy continues to perform satisfactorily”
Over the past 4 years the company has seen it’s best performances in it’s history with record breaking years in 2016 and 2017. The past 4 years combines has been the most profitable in the history of the 145 year old company.
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 2015-2018 , which saw a combined records sales for the 4 year period including the record performance of 2016 when the Group saw it’s highest profits ever. After having expressed his disappointment in 2012, the Chairman now notes the successive record breaking years for the company in 2015 and 2016 and the continued strong performances of 2017 and 2018. The improvement has enabled the company to return staff levels to their historic levels and to meet increased service demands.