Peter’s records £3.6m loss, but is confident of future success
News | | Published: 15:00, Thursday June 6th, 2019.
Last updated: 11:33, Monday June 17th, 2019
Peter’s Food Service has reported a loss in its latest annual accounts after incurring a number of non-recurring costs in the restructuring of the company.
However, it has announced that a recovery programme is working, with the company returning to profitability, with new contracts creating additional jobs.
The company’s annual accounts lodged at Companies House show Peter’s made an operating loss of £3.6 million for the period June 1 2017 to May 31, 2018. This was an increase on the £890,000 operating loss in the previous year.
Its turnover was also down by £4m to £76.5m.
In February last year, the company announced the loss of around 90 jobs, but is confident about re-hiring in the future.
Managing Director Mike Grimwood said: “We endured an extremely difficult year and it was essential that we undertook a number of measures to ensure the business was a going concern, and returned to profitability.
“We needed to remove unprofitable business, and we needed to realign our cost base. This did include restructuring of the workforce and working patterns, which did regrettably result in a loss of jobs.
“However, the recovery programme has gone to plan, and profitability progress has been good.
“Significant additional contracts have been won, and these will commence in the second half of this year. These will build the business once more and create significant numbers of jobs. It is too early to say at this stage how many.”
As part of its turnaround plan, the Bedwas-based company has sold its factory site for £5 million and is leasing it back – with an option to buy it back after ten years.
As part of its turnaround plan, the company has developed a new range of low-fat products under a new brand.
Its Nurish hot-filled bake products contain less than 400 calories and are being aimed at health-conscience millennials.