News: UK Company Reports 2017

R&R ICRE CREAM UK

Yorkshire-based R&R Ice Cream UK—since 2016 part of the R&R/Nestlé ice cream joint venture—posted sales up 9% at £243.2m for calendar year 2017—making them the seventh biggest dairy company operating in the UK. Operating profits were up 4% to £40.9m—cutting their average operating margin from 17.6% to 16.8%. Pre-tax profits were up 6% at £38.6m after finance costs were cut 6% at £2.9m. Exceptional costs of £1.7m were attributable to bad debts and potential customer claims. Total UK corporation tax of £7.9m was paid (at a simple pro rata rate of 20%). Shareholders’ funds were up 17% at £203m. Staff numbers were up from 900 to 907. Directors’ combined remuneration was almost halved to £643,000, with the highest paid (presumably CEO Ibrahim Najafi) down 6% at £461,000. The Nestlé/R&R 50/50 joint venture, called Froneri—now apparently vying with Unilever as the largest ice cream producer in the world—are based at the R&R headquarters in Northallerton, Yorks. R&R were acquired by French private equity group PAI Partners in 2013. With sales of around €2.6bn, Froneri operate in 22 countries around the world, employing around 15,000 staff.