William Jackson losses widen as firm looks to future
BAKERY giant William Jackson Foods Ltd saw losses increases as the food service sector ground to a halt through the pandemic.
Ingredients sales and supplies into the out-of-home catering market fell 47 per cent year-onyear, leading to a 10 per cent drop in turnover, down from £251.5m in 2020 to £226.3m.
It led to operating losses of £17.4m rising to £21m, though strong cash reserves of £35m and a £10m credit line have been underlined by the sixth generation Hull-headquartered firm as it ended the year on a far better footing.
In the strategic report accompanying the results for the period to April 24, 2021, chairman Nicholas Oughtred, great great grandson of the eponymous founder, said: “When we entered the pandemic we were in recovery mode following the sale of Aunt Bessie’s and Myfresh Wigan and the acquisition of two new businesses which have taken time to bed in.
“Understandably, with restaurants closed for much of the year and food-to-go suffering as a result of people staying at home, we haven’t made a profit this year, despite an absolutely sterling effort from our [direct to consumer business] Abel & Cole colleagues who almost doubled their sales in the year.
“We did however exit the year in a much better position than we anticipated after strictly controlling our cash and were able to hit the ground running when our new financial year began in April 2021.”
In the company’s 170th anniversary year investment was prioritised in Jackson’s Bakery, following a “significant launch of new business with Co-op”, as well as UK market-leading balsamic vinegar and olive oil brand Belazu and Abel & Cole, with the company’s Food Doctor unit sold.
Abel & Co went from £67m in sales to £115.4m, while ingredients and food service dropped from £169m to £89m. Branded and own label supplies to retailers increased by just over £4m to £21.6m.
Mr Oughtred said he was grateful to every single one of the 1,923 employees for playing their part in ensuring they were kept safe and customers were served, adding the “spirit, determination and care our colleagues have shown has been truly outstanding”.