News: UK Company Reports 2020

ABERGAVENNY FINE FOODS

Gwent, Wales-based Abergavenny Fine Foods, set up by Tony and Pam Craske 30yrs ago as a goats cheese business, have reported sales up 16% to £30.9m for the year to March 2020, reversing the previous year’s pre-tax loss of £850,000 into profit of £329,000 and an operating loss of £0.6m into £0.7m operating profit. The company, who reported the sale of their blended cheese business to Somerdale last month, said their turnaround was achieved by cementing their position with UK retail customers, more than doubling exports—mainly to Australia and the US—to £6.5m and controlling overheads. Staff numbers increased from 142 to 187. The business is diversifying into vegan and plant-based products under new MD Jason Rees, securing a seven-figure loan with HSBC last August, with plans to double production capacity over the next 3yrs and focus on plant-based snacking alternatives. They say they plan to increase plant-based and goats cheese product ranges by 20% this year with a view to increasing turnover by 30%. AFF said Christmas was particularly lucrative, with the company expecting to have generated 18% of its 2020 revenue during the four-week run up. Their best-selling plant-based product is ‘no-mozzarella’ style sticks.

PAKEEZA

Rochdale, Lancs-based Pakeeza Dairies/Lancashire Farm Dairies—set up by the Zouq family 15yrs ago to produce natural yogurt but who have now diversified into a range of yogurts and fruit-flavoured lassi yogurt drinks—have reported sales up 19% to £45.0m for the year to January 2020 and operating and pre-tax profits up from £1.29m to £3.03m, increasing their average operating margin from 3.4% to 6.7%. Shareholder funds were up 40% to £9.6m. Staff numbers were up from 221 to 223. Annual dividend was unchanged at £45,000 and directors’ remuneration and pension contributions were up marginally at £57,000. Their tax charge was up from £175,000 to £333,000.

TIMS DAIRY

Chris and Peter Timotheou’s Little Chalfont, Bucks-based Tims Dairy—who mainly supply wholesale markets with yogurt and cultured dairy products—have reported sales up 7% to £12.5m for the year to April 2020 with operating profits unchanged at  £630,000, an average operating margin of 5.1%. Pre-tax profits were also unchanged at £540,000. Dividends were unchanged at £288,000 wit directors combined salaries down 15% at £28,000. Staff numbers were up from 70 to 74 with the average wage at £26,000. Shareholder funds were up 5% at £3.63m.