P.D. Hook (Breeding) has reported an increase in annual turnover to £96.2 million in the year to 31 October 2022, an increase of £11 million on the previous year.
Operating profit increased to £3.2 million, up from £1.2 million the year before, despite the intense pressure on costs caused by inflation. Further improvements were made in performance and assets were more efficiently utilised, the company said.
A number of key commodities used within the business have significantly risen in price partly due to the war in Ukraine and there were higher payroll costs to retain and attract an appropriately skilled labour pool.
The company said it had worked closely with its joint venture partner Hook2Sisters and with its supply chain partner 2 Sisters Food Group to help navigate through a very challenging period and to help recover inflationary cost increases from the supply chain.
The company has continued to invest in its breeder assets with £3.6 million being spent on capital projects in the past year. The company has also taken steps to reduce its carbon footprint through initiatives such as low energy lighting and ventilation.
The business has a pipeline to bring on new rearing and hatching facilities to meet the predicted increased demand over the coming years for British chicken.