Pilgrims Choice and Kerrygold owner Ornua Foods UK recorded a £1m pre-tax loss during the 12 months to 31 December 2016, against a backdrop of a “highly competitive and changing market”.
Although an improvement on the £8m loss posted in 2015, the supplier said it was “disappointed” to fall into the red for a second year. The business invested £2.9m in new packing equipment and more on extra marketing support for its brands, its latest accounts reveal.
Turnover fell from £343.3m to £286m. However, operating profit improved from a loss of £6.3m in 2015 to £631,000 in 2016 on the back of new business wins and an improvement in cost control and efficiencies.