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Noble Foods posts £34m pre-tax loss in most recent results

A free-range hen

NOBLE FOODS, the UK’s largest egg packer, has posted a £34m pre-tax loss in its most recent accounts, which cover the 52 weeks to 1 October.

The firm said that the egg market had been challenging in the period, with a “significant oversupply” of egg.

See also: £1.5m funding for new avian influenza research consortium

Turnover also dropped from £312m in the year to 2 October 2020 to £282m last year.

Directors said in their strategic report that the firm expected the general level of activity to remain the same in the following year.

“The directors’ focus will be to improve margin and grow profit while ensuring the cost base continues to remain appropriate for the business,” they add.

Principal risks and uncertainties are listed as general competitive pressure in the marketplace, cost inflation in the supply base of the business, and the extent to which this could be passed on to customers.

Avian influenza is also listed as a business risk, although the firm says its activity across the whole of the UK helps to mitigate this.

The company report also says that the business is reducing its exposure to colony egg.