Faccenda Foods reports solid financial results
Poultry producer Faccenda Foods has filed annual results for the 2014/15 financial year, reflecting solid business.
The results demonstrated year-on-year top-line revenue growth of 2% to £532 million, in the face of pressures from deflation. Meanwhile, operational profits were up at £11.7m.
“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,” said Faccenda Foods’ managing director Andy Dawkins.
With the company’s portioning factory at Telford recently becoming operational, alongside the acquisition of Cherry Valley Foods, Faccenda Foods has managed to report strong financial results.
“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 added that he was “delighted” at the new and expanding convenience section of the business.
“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.
“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.”
He commented that although he expected 2016 to be challenging, he still believed the company strategy was relevant: “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 that, despite tough conditions, Faccenda Foods had 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 conditions 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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