Bernard Matthews Foods Limited has reported an annual loss after tax of £20.9 million in the year to 2 January 2022, a significantly bigger loss than the previous year when the company reported a £3.95 million loss.
Turnover during the year was £270.8 million, up from £265.1 million the previous year. However, higher variable and fixed cost inflation outweighed the increased sales. The directors note in the company’s strategic report that this is an industry-wide issue, particularly in feed, labour and utilities.
The company is dependent upon support from its parent company, Amber REI, which is owned by Ranjit Boparan. The strategic report says the parent company will provide sufficient funds to allow the company to meet its liabilities as they fall due and is not seeking repayment of a loan currently. In addition, the company says it has made large investments to “reshape and strengthen” the business in order to return the company to profitability.
During the past year, the company’s three directors resigned and three new directors were appointed.