Samworth Brothers hopes to continue growth
Following the release of a financial report for the year ended 27 December 2014, Samworth Brothers (Holding) Limited claimed it will continue to seek new opportunities.
After taxation, the group’s profit totalled £30.5 million, up from £26.7m in 2013. The figures came after the group acquired trade and assets to Soreen in February of last year. Referring to the acquisition, of the company, the financial report said: “This now provides the group with exciting opportunities for growth of branded sales alongside important own label business with the major
Sales and gross profit - which the directors of the firm use as key performance indicators – also saw an increase from the year before. Sales grew by 8.4% from £791.4m to £857.8m whilst the gross profit margin increased from 18.6% in 2013 to 20.8% in 2014. “The business continued to achieve sales growth, gaining additional business with its key customers,” stated the report. “The Directors will maintain the quality and service levels to our customers, that is fundamental to our ability to continue to grow sales. “
Capital expenditure was also up from £26.8m to £48.1m. Furthermore, staff numbers increased from 7,230 to 7,516.
“As a business we look to engage and motivate our staff with our culture and investment in development and training to help our staff realise their full potential. This allows the business to maintain high labour stability that is so important in producing our quality products together with providing excellent customer service.”
The company recognise innovation and recipe development to be fundamental in successfully developing and growing the business. To ensure that the “best and exciting ideas” are delivered to the customer, the group claim to invest heavily in development kitchens, chefs and technical staff.
Though the year is drawing to a close, the report highlighted that Samworth Brothers' aim for 2015 was to continue to take on new prospects. “The market place is very challenging but by working closely with our major customers we will seek out new opportunities in 2015 as a basis for further growth. Capital investment will remain ahead of depreciation. The Directors remain cautious but optimistic with the developments for 2015.”
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