Bernard Matthews records sales loss
Turkey processor Bernard Matthews has reported a loss in sales for the year ending 28 June 2015.
According to Company House figures, group sales ending 28 June were £276,705,000, down from £306,801,000 in the same period of the previous year.
The loss on ordinary activities before taxation for the year was £3,663,000 after exceptional charges of £72,000, down from a loss of £8,509,000 after exceptional charges of £4,739,000 in 2014.
The company’s net assets for the period were £11,020,000, compared to £20,750,000 in 2014.
Despite the drop in sales, the business remains optimistic for the next 12 months.
It stated: “The new management team established at the beginning of the financial year have driven key improvements in all areas of the business, resulting in a significant step changes in the following areas:
• The planning, execution and cost control throughout its Christmas 2014 campaign.
• Development of strategic relationships with key retailers to enable longer term planning and stability.
• Continued improvement in agricultural management which has led to benefits in both bird health and performance.”
Furthermore, the business revealed a strategic plan that will focus on the three key areas of land utilisation to optimise its asset base, core regeneration which it hopes will reinvigorate the brand and business transformation which includes extending into new markets.
“The business continues to benefit from the support of its investors and lenders, recently demonstrated by additional funding of £10 million in August 2015,” stated the report. “This will provide the investment required to deliver the strategic growth plan particularly focused on supporting the core regeneration and the business transformation activities.”
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