Traditional Norfolk Poultry has reported an increase in annual sales, up to £47.05 million in the year ending 30 June 2022. The previous year, the poultry firm’s sales were £42.63 million.
Profits during the year fell however, as a result of the war in Ukraine which had an impact on global grain supplies causing a significant increase in feed prices.
Profit for the year, after taxation, amounted to £171,212 (2021 – £610,342). Dividends for the year amounted to £245,000 (2021 – £250,606).
The company said it was a “challenging marketplace with increased supply chain costs pressures have seen a reduction in the overall gross margin of the business.
“Despite the challenging trading environment, the company has continued to maintain the demand to its customers and although margins have reduced there is optimism for the future as much of these costs have now been passed on,” it added.
As an additional pressure, the company was affected by avian influenza during the year, with various sites infected. This affected both turnover and margin, the company said, however this was mitigated by both biosecurity measures on farms and APHA compensation.