Hull bakery giant William Jackson Foods Ltd has slashed losses exacerbated by the global Covid outbreak, as sales rebounded strongly following the prolonged catering closures.
Revenues were up 35 per cent for the sixth generation city family firm, with turnover rising from £226.3 million to £305.9 million, as a £21 million operating loss was reduced to £4.5 million. It had entered the pandemic £17.4 million in the red as it recovered from the headline-grabbing sale of Aunt Bessie’s and the northern element of its fresh produce division, following a significant restructure in 2018.
Nicholas Oughtred, outgoing chairman, told of solid progress in his strategic report, stating the “business is today significantly more robust than the business back in March 2020 when it was transitioning from the sale of MyFresh Wigan and Aunt Bessie’s”.
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He said: “Despite another very challenging year for the food industry with the continued effects of the Covid-19 pandemic, industry-wide labour and supply chain challenges and rising inflation, we are pleased with our performance for the year. We saw faster than expected recovery in our foodservice sales as Covid restrictions eased in the first half of the year, together with an increase in our bakery sales due to the own-label bread contract won with Co-op at the end of 2021.
“The agility and strong cost control that our businesses developed during the pandemic has enabled us to effectively manage the external challenges resulting in a strong EBITDA improvement and positive cash flow.”
Following October’s annual meeting, founder William Jackson’s great, great, great granddaughter Sonya Eastaugh took over as chair, bringing to an end Mr Oughtred’s three terms at “an exciting time for the business,” he added. Employee numbers increased slightly from 1,923 to 1,970 in the year to April 30, 2022.
Confidence to invest was acknowledged, with a new warehouse for the balsamic vinegar and olive oil brand Belazu in north London, with a strong balance sheet and good cash reserves highlighted.
Following the period under review, the remaining MyFresh business was sold to fellow Hull firm Tuber Group. “The sale represented a great opportunity for MyFresh to join a like-minded business which has expertise in fresh produce and is committed to helping MyFresh develop and grow,” Mr Oughtred said.
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