The UK’s biggest egg business, Noble Foods, has reported a loss of £30.3 million after tax in the year ending 1 October 2021, in its latest financial results. In the same period the year before, the company reported a loss of £4.9 million).
Turnover during the same 52 week period reached £282.7 million, compared with £312.4 million the year before.
The directors said the result was due to a “significant oversupply of egg in a competitive market place” leading to “challenging ” business conditions. “There is continuing competitive pressure which always drives us to reducing our costs and improving our efficiencies.” the strategic report noted.
The directors focus during the current financial year is to improve margin and grow profit, the report said.