News: UK Company Reports 2020

STAPLE DAIRY

Orpington, Kent-based dairy traders Staple Dairy—now under new management after Derek Robbins retired and sold the business to the management in 2019—have reported turnover almost halved to £13.3m for the year to March 2020—without explanation—but operating profits were up 26% at £308,000, lifting average operating margin from 0.9% to 2.3%; pre-tax profits were up 40% at £290,000. Total equity was up 2% at £470,000. Dividends for the three directors were cut by 44% at £225,000. Staff numbers were down from 21 to 18.

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.

UK: ORNUA SALES UP 16% IN 2020

Ornua Foods UK, the UK’s biggest supplier of retail packed cheese, have reported turnover up 16.1% to £411m in calendar year 2020, with pre-tax profit up 27% to £5.2m and operating profits up 16.7% to £6.77m—an operating margin of 1.6%. Net assets were up 7.6% to £38.4m. Investment in cutting and packing at their Leek facility added 7,000t of capacity, bringing the annual total to 110,000t, with up to 50,000t supplied by First Milk. Stocks of Ornua’s Irish brands Pilgrims Choice—the No.2 Cheddar brand in the UK—and Kerrygold—the No.3 butter brand—had increased substantially in the run-up to Brexit.