Annual sales at PD Hook have fallen to £78.3 million in the year to 31 October 2020, compared to £80.2 million in the previous year, according to its latest financial results.
The supplier of hatching eggs said the fall in sales was a consequence of disruption caused by the coronavirus pandemic. Profits were also affected. Operating profit during the same period was £648,000, compared to £1.37 million the previous year. Profits after tax were £226,000, compared to £835,000 the year before. The company said the figures reflected “the intense pressure on price in the market and the need to absorb rising costs within the business. A number of key commodities utilised in the business have risen alongside higher payroll costs.”
The company said it had continued to invest in its farming base, with more than £2.4 million spent on capital programmes. It has also acquired new or identified existing sites that are suitable for full redevelopment. The business therefore has a pipeline to bring on several new breeding and rearing farms to ensure there are sufficient hatching eggs to meet growing demand for day old chicks.
Pandemic hits annual sales and profits at PD Hook
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.