Bernard Matthews Foods Limited has swung back into profit for the financial year ended 29 December 2024, marking a major turnaround after years of losses.
The poultry producer reported a pre-tax profit of £6.88 million, compared with a loss of £26.22 million the previous year. The improvement follows the closure of the Great Witchingham site which the company said has “improved ongoing financial performance.”
Turnover during the period rose to £240.5 million from £263.9 million the year before, while cost of sales decreased to £167.5 million. Operating profit from continuing operations reached £16.5 million, a sharp improvement from a £827,000 loss in 2023.
In the directors’ report, the board stated that no dividends were paid or recommended for the year, as the focus remains on stabilising operations.
The board expressed confidence in the company’s future, citing improved liquidity and financial support from its parent company, Boparan Private Office. “The directors currently believe the Group can continue to maintain sufficient liquidity over the next 12 months,” the report stated. “Boparan Private Office Limited has the financial ability to provide support if required.”