Bernard Matthews has reported an annual loss in its latest financial results covering the 12 month period ending 29 December 2019.
The poultry business recorded sales of £253.5 million, up from £193.3 million in the previous year. But the company reported an annual operating loss of £36.3 million for the period. The previous year, the operating loss was £20.5 million.
The company described the results as disappointing, and said “operational issues” had affected its Christmas operation and “as a result further restructuring of the business has continued, together with strengthening operational and technical management.”
“Further efficiencies and cost base improvements have been identified after the reporting date, which together with the restructuring of the Fresh and Frozen segments of the business and the successful initial relaunch of the branded Turkey Twizzlers leaves the business in a stronger position.”
During the course of the year, four directors resigned, including managing director Chris Just. Three new directors were appointed.
Bernard Matthews was acquired in 2017 by Amber REI Holdings, which is owned by Ranjit Boparan, owner of 2 Sisters Food Group.
Bernard Matthews reports ‘disappointing’ annual loss
By Chloe Ryan
Chloe Ryan
Editor of Poultry Business, Chloe has spent the past decade writing about the food industry from farming, through manufacturing, retail and foodservice. When not working, dog walking and reading biographies are her favourite hobbies.
