Noble Foods has reported a significantly improved financial performance for the 52-week period ending 27 September 2024, with after-tax losses narrowing to £4.1 million compared to a £11.7 million loss in 2023.
The company attributed the improvement to strong cost control and high service levels, despite operating in a persistently challenging macroeconomic climate. Revenue rose to £331.3 million, up from £290.3 million the previous year reflecting market demand.
The business recorded an EBITDA of £5.9 million for the period, up from £3.6 million in 2023. Operating profit stood at £2.4 million, a significant turnaround from the £6.3 million operating loss recorded the previous year. This was despite exceptional item costs of £0.3 million in 2024, compared to £6.2 million in 2023.
The company ended the period with net assets of £0.4 million, a substantial improvement from the £4.5 million deficit in 2023. However, it noted ongoing competitive pressures which continue to drive the need for cost reductions and efficiency gains.
In terms of risks, the company cited general market competition, the threat of avian influenza outbreaks, and cost inflation in its supply base.