Bernard Matthews has reported an increase in turnover in its latest annual accounts, and made a smaller loss than the previous year, after a large investment and restructuring programme by owner Ranjit Singh Boparan.
The Norfolk-based poultry firm declared a turnover of £265 million in the year ending 3 January 2021, up from £253 million the year before. The company made a loss before tax of £6 million, less than the loss in the previous year, which was £36.6 million.
During the year, Bernard Matthews, which was acquired by Amber REI Holdings, parent company owned by 2 Sisters founder Boparan in 2016, said it had made large investments to strengthen and reshape the business to try and return it to profitability.
The company has net liabilities of £70.3 million (as of 3 January 2021). However, the company said it had sufficient funds through its parent company to meet its obligations.