Fridays has reported an increase in turnover in its latest financial results, covering the year ending 31 December 2022. The family owned egg business, based in the south east of England, is one of the three biggest egg firms in the country.
It reported turnover of £55 million, up from £47.1 million the previous year. It recorded a loss for the year, after taxation, of £1.3 million, an improvement on the £2.3 million loss during 2021.
The company’s strategic report describes 2022 as a transformative year for the egg market. Demand exceeded supply as producers left the market due to poor returns. Costs rose, and this prompted a “razor-sharp focus” on its commercial viability, the directors said.
“In response to market scarcity, Fridays looked to establishing agreements that prioritised its long-term financial future,” the strategic report states.
In 2023, Fridays “successfully stabilised several mutually beneficial long term contracts. Our fully integrated supply model ensures a dependable source of products for our valued customers. While the volatility related to costs, inflation and labour has diminished, we acknowledge that challenges persist,” the directors added.
Over the past year, the company increased its free range egg volume, and reduced its colony egg volume, in line with consumer trends. It will continue to increase free range volumes through new sites and new contracts, and will increase investment in packing facilities, automation and technology to improve efficiencies, it said.