January 18th, 2016
Brackley, UK – Faccenda Foods, one of the UK’s leading food companies, has filed annual results for the 2014/15 financial year showing solid performance in a difficult market. The results showed year-on-year top line growth of 2% to £532 million despite deflationary pressures; while operational profits held up well in tough trading conditions at £11.7m.
Faccenda’s rapid growth continued in 2014/15: their new portioning factory at Telford, one of the most advanced in Europe, became operational and the acquisition of Cherry Valley Foods expanded their range, making them the only UK one stop shop for poultry.
Reflecting on the results, Faccenda Foods Managing Director Andy Dawkins said, “It’s no secret this is a tough trading environment, driven by export restrictions, currency fluctuations and fierce competition in the UK retail sector, and our results reflect this. Maintaining strong results in these conditions reflects our focus on the fundamentals: delivering great service to our customers and providing the consumer with innovative products, while looking after our people – our most important asset. We have also managed this while continuing to grow by developing our facilities and strategic acquisition.”
Dawkins was particularly satisfied with the growth of the convenience food business. “This has been a new and expanding market for us in recent years and we are delighted that it continues to go from strength to strength. Our recently opened dedicated convenience food factory will build on this success, satisfy consumers’ demand for tasty, easy to cook meals, and accelerate our growth in this sector.”
In terms of the direction of the business he added, “Our strategy is unchanged: by investing strongly across our supply chain, in agriculture enrichment, facility development and food safety we will establish ourselves as the first choice supplier for poultry. This is made possible by our solid foundations: a strong balance sheet and the financial stability to plan for the long term, giving our customers’ confidence to grow with us as a trusted partner.”
Looking ahead Dawkins commented, “Although I expect 2016 to be equally challenging, I believe our strategy remains appropriate. Food safety is rightfully a high priority and our Campylobacter Action Plan is already proving successful. Our investment in Sonosteam and other interventions throughout our supply chain have significantly reduced Campylobacter levels and we continue to look for ways to continue this momentum. Where others in our industry may find the advent of the national living wage a challenge, we have long recognised the value of our people to the extent that our previous investment means there is no immediate cost impact on our business.”
He concluded “In tough conditions we’ve returned a strong set of results, maintained a strong balance sheet and established a strong position over the long term. I expect the market to remain challenging but if we continue to make good decisions for the long term sustainability of the business, remain resilient and continue to deliver for our customers day-in day-out, we will deliver our long term business plan.”
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