Supplier Price Increase - Gecko and LX
Effective July 1, 2022
Usually, we aim to complete all price updates ready for April 1st, however it has been difficult to tie our supplier network down to a fixed tariff as new price updates have been coming in every month, this is due to themselves having to adjust to rising raw material and labour costs. Some suppliers have already increased their prices 2 times or more since the start of 2022 such is the volatility of the market at this time. As at April 1st we managed to complete three price updates, they were Balboa, Gecko and LX. Balboa remains mostly unchanged from the last update as we make our purchases in EUR. LX and Gecko have been revised to cover exchange rate loses (USD) and receiving another price increase since from Gecko.
In addition to receiving significant price increases from nearly all our suppliers, we have also faced the impact of a poor performing GBP and EUR vs USD. In the past 12 months GBP has fallen by 13% vs USD and EUR by 12% vs USD. Inflation is causing much sharper increases than what we have seen in previous years.
Our pricing structure has always been set up so that we can maintain a reasonable and workable margin for our business operation whilst remaining as competitive as possible. We have applied that again in our latest update and tried to trim our margins wherever possible.