Both sales and profits at Noble Foods have declined year-on-year. Profits after tax were £5.8m in the 52 weeks ending 27 September 2019, compared to £7.2m the year before. Turnover was £314.2m during the same period, down from £317.5 in 2018.
The directors of the business said the results were expected. “The marketplace in which the company operates continues to be challenging,” the report states.
The directors said they considered EDITDA to be a key performance indicator of the business. EDITDA for 2019 was £14.7m, down from £17.7m in 2018.
The focus for the coming year will be to improve margins and grow profits while “ensuring the cost base continues to remain appropriate”.
Earlier this month, Noble Foods has appointed Kerry Foods stalwart, Duncan Everett to the role of CEO of the Noble Foods Group.
He is replacing Dale Burnett, who steps down as CEO of Noble Foods Group after four years in the role. Burnett previously held the positions of MD of Gü and Noble Foods respectively after joining the company in 2008.