Telford, October 2022.
October 2022 Price Increases
PRICING AMENDMENTS RE DOLLAR PURCHASES
You will no doubt be well aware of the recent further deterioration in the value of sterling against the US dollar. Over the last 2 months this depreciation has significantly increased the cost of all products we purchase in US dollars and so far we have borne this cost in full. The trends this year have been as follows:
January 2022 Ex rate of $1.36 in line with our price banding of $1.30 - $1.43
April – Aug 2022 Ex rate in the range $1.20 -$1.30 as per our revised price banding of 17th June 2022
Aug – Oct 2022 Ex rate has not been above $1.20, and since 16th Sept has not been above $1.15.
At it’s lowest ($1.05) the rate has been 30% worse than the start of the year, and at today’s rate of $1.125 it is 21.3% worse than the start of the year and 11.6% worse than the price banding we announced in June 2022. Whilst we expect sterling to recover to above $1.20 in the medium term it is unlikely to happen immediately and in the meantime we cannot continue to bear these costs. Until this market turmoil settles down we intend to apply a currency surcharge monthly to your current prices. The surcharge will be based on the average rate for the previous calendar month and will be incorporated into the invoice price per item.
The items affected by this cost increase are the following:
All Imperial products
All Easyfit products
Winlock branded cylinders
Pull bars
Patio rollers
All Ingenious branded products
We will apply the monthly currency surcharges directly to your current prices as follows:
Average rate for previous month > $1.20 No surcharge
Average rate for previous month $1.15 - $1.20 3.5 % surcharge
Average rate for previous month $1.10 - $1.15 7% surcharge
These surcharges will be applied to deliveries on or after Nov 1st 2022. They will not apply to items on backorder as of 31st Oct 2022.
Yours sincerely, For Winlock Security Ltd
Alan Parker
Managing Director