THE squeeze on consumer spending and changes at one of its major customers led to a 64 per cent drop in profits at Dundee-based wholesaler CJ Lang.
The family-owned firm, which is the master franchisee for convenience store chain Spar in Scotland, saw pre-tax profits drop from £5.5 million to £2m. Once the £1.2m gain on the sale of its cash-and-carry unit to Yorkshire-based Batleys in late 2010 is stripped out, profits still fell 53 per cent.
Managing director Scott Malcolm said the sale of one of its major customers – Blantyre-based Botterills, which was taken over by Scotmid – had affected the results for the year to 30 April, with like-for-like sales falling to £200m from £208m.
CJ Lang paid out a £1.12m dividend to chairman Joan Scott-Adie and her family, the same payout as in 2011.