Egg producer and packer LJ Fairburn has reported a 7% increase in turnover to £92.7 million in its latest strategic report filed with Companies House, covering the year ending 30 September 2019.
The accounts do not cover the period including the COVID-19 pandemic, but the introduction notes that during the first half of 2020, the business’s “supermarket customers have significantly increased their orders, given the rise in demand from the end consumer. Overall, the directors do not consider that the COVID-19 outbreak will have a negative impact on the company.”
The Lincolnshire based family business attributed the growth in turnover to higher egg and feed sales. However, the gross profit percentage reduced to 6.6% from 8.9% the year before due to the “poor market in the first part of the year”. Profit before tax for the year was £538,837, down from £2.26 million the year before.
Th business also increased its net debt to £19.2m as part of a major refinancing of the business that took place in November 2018 “to take the company through to the next stage of its development,” managing director Daniel Fairburn said in the accounts.