The family-run owner of Aunt Bessie’s and Jackson’s Bakery, William Jackson & Son, has posted solid revenue and profit growth despite “difficult economic conditions”.
The supplier saw revenues grow 2.8% to £276m in the year to 25 April 2015. The company said it represented a like-for-like turnover increase of 2.8% (a slower rate of growth than the 7.2% of last year) and was achieved through organic growth.
Operating profit (before exceptional items) was up from £16m to £18m, with operating margin increasing from 5.9% to 6.5% during the period. Overall pre-tax profits were up 13.4% to £18m and reported profits were up 20.4% to £13.6m.
The company declined to comment on the accounts, but stated in the accounts: “The year has not seen any let up in the difficult economic conditions facing consumers. The retail environment has been difficult so it is pleasing to see that our diversified portfolio has enabled both sales and profit growth in the year.”
Sales of branded and own-label goods to retailers fell from £76.8m to £76m and ingredients and foodservice sales remained flat at £126.4m. The growth in overall turnover was driven by consumer direct sales - up from £65m to £73.5m.
Capital expenditure during the period rose from £13m to £13.8m and the company said it would “continue to invest in our operations” thanks to a continued focus on cash management.A final dividend of 121p per share was paid for the year ended 26 April 2014. A final dividend of 141p is proposed for 2015 - a rise of 16.8%. The company’s UK tax payments on ordinary activities rose from £4.2m to £4.4m.
Also during the year, the accounts revealed the company refinanced its borrowings on 30 April 2015, replacing its medium-term note maturing in October 2015 with a three-year revolving credit facility.
“The new facility suits the group’s cashflow profile and is sufficient to support the group’s current operations,” the accounts stated
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