Branded meal and snack manufacturer, Symington’s, has reported a healthy uplift in profits for its financial year ended 27 August 2017, with site consolidation and product rationalisation contributing to bottom line growth.
As a result of significant investment in the second half of the year, the company saw sales growth of 5.8 per cent year-on-year with its Mug Shot and Naked Noodle brands increasing 18 per cent and 95 per cent respectively.
EBITDA was £9.2m for the year, a 26 per cent increase on a like-for-like basis versus prior year. Net profit before tax was £1.7m vs a loss last year of (£5.6m).
Led by a new senior management team, the Leeds-based business, which employs around 700 people, is the owner of Mug Shot, Naked Noodle, ilumi, Chicken Tonight and Ragu. It also produces foods under long-term licence with Ainsley Harriott, Aunt Bessie’s savoury baking range, Golden Wonder and multiple Kids Licences such as Peppa Pig.
John Power, chief executive officer at Symington’s, said: “I am very proud of these results which illustrate a complete turnaround from the prior year and are reflective of the tireless and dedicated work of colleagues throughout the business.
“With a new management team in place, we initially focused on reducing our cost base and ensuring a platform for growth and brand investment. In the second half of the year, we switched focus to deliver a top line growth strategy, with significant investment in marketing and new product development behind our brands. This strategy has proven very successful and we feel hugely excited and confident for the future.
“While our Naked Noodle and Mug Shot brands have performed particularly well, our ‘incubator’ brand, ilumi, is operating in the rapidly expanding free-from category, fulfilling both a need and a desire for tasty gluten and dairy free food.
“With a product range that spans brand and own-label and satisfies demand for convenient, tasty food in our busy lives, backed by a team that can realise their potential, we have everything to play for.”
John Power joined the business in October 2016 and brought industry veteran Matt Lee on board as chief commercial officer early in 2017.