Happy Eggs producer Noble Foods Group saw headline losses increase last year, but sales and underlying profitability improved despite “challenging” conditions.
Overall revenues at Noble Foods Group in the year to 29 September rose by 3.1% to £290.3m, supported by volume growth.
Core profitability also significantly improved from a pre-exceptional operating loss of £11.1m to almost break-even despite “significant cost inflation and disruption to the supply chain” amid
However, profitability was driven by a focus on cost reduction and efficiencies.
A spokesperson for Noble Foods said the group was “very pleased” with overall performance, noting the results were impacted by “a challenging period that has seen volatility across the sector as a consequence of inflation and the historically low size of the UK laying flock”.
However, the group’s headline pre-tax loss rose to £19m from £15.4m, largely as a result of £11.9m of exceptional charges incurred in the period, £5.5m of which related to a provision for a historic legal claim relating to its acquisition of egg producer Stonegate in 2006.
One-off charges were also incurred related to the revaluation of land and buildings and the treatment of intercompany loans.
The spokesperson added: “We have delivered volume and profit growth in line with expectation of our board and shareholders and have made significant progress towards our strategic initiatives, including acquisition and significant capital investment.
“We are also proud of the work we continue to do to support our people, our farmers, the communities we operate in and the broader environment, all of which can be read about in our purpose report.
“Management is confident that the business is in a strong and sustainable position to continue investing for the future.”
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