Egg packer Fridays has reported a strong year of growth in its latest annual accounts covering the year ending 31 December 2023. Sales rose to £71.3 million, up from £55 million in 2022. Margins also improved, up from 29% in 2022 to 47% in 2023. Profit after taxation was £9.1 million and dividends of £9.99 million were paid out.
The company said it had made further strong progress in its shell egg division during 2023. Demand was strong and prices remained robust through the year. Long term supply agreements had been reached with its main customers, the company said, which protect margins and volumes, and costs had been managed carefully.
The products division also grew revenues thanks to its customers growing their market share, and Fridays said it would continue to work on developing new innovative products.
Fridays said free range egg volumes were continuing to grow as the market moves away from colony egg. And the company added it was well placed to take advantage of further market opportunities. “We have remained agile in meeting customer demand whilst ensuring we have a long term strategy for the planned removal of colony produced eggs from supermarket shelves towards the end of 2025.”