Samworth has pledged to invest more than £100m in growth over the next two years after bouncing back from Covid.
Newly filed accounts for Samworth Brothers Holdings show sales bounced back 10.7% in 2021 to £1.17bn with the reopening of the food-to-go sector.
Its food-to-go business staged a “good recovery” to end the year only “marginally” behind pre-Covid 2019 volumes, and sales have continued to increase so far in 2022.
Its meat and savoury pastry categories also increased sales against stronger 2020 comparatives. Meanwhile key brands Ginsters, Sorreen, Urban Eat and Hiddigy all grew ahead of the market, it said.
The rebound in revenues saw Samworth return to the black. Profit before non-underlying items recovered to £22.8m, up from a Covid-driven loss of £8.7m in the previous year.
Overall pre-tax profits rebounded to £16.9m from a loss of £31.6m amid almost £20m of one-off costs in the previous year.
“It was clear from the autumn of 2021 that inflation was going to be the next big challenge,” said CFO Steve Bailey..
“We have worked hard to mitigate the impact of inflation through improved efficiencies and collaboration with suppliers and we have certain price recovery mechanisms in place.”
Due to the easing of pandemic trading conditions, the group said it was now able to commit “significant capital investment” into the business, with £100m earmarked for new capacity and expansion projects between 2022 and 2024.
Earlier this year Samworth Brothers appointed the CEO of foodservice giant Brakes to take over the reins from Flor Healy, who announced his retirement.
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