AMBER REI HOLDINGS, which controls a range of poultry giant Ranjit Singh’s business interests including Bernard Matthews Foods, has recorded modest sales growth in its latest financials.
The firm posted turnover of £604.7m in the year to 30 December 2018, up from £603.3m the year before.
Pre-tax profits grew from £38.8m to £62.7m, largely driven by revaluation gains, as well as underlying profit improvements.
But directors say Bernard Matthews itself delivered “disappointing results” – live bird sales reduced to £19.3m.
Sales generated by “poultry feed milling and live poultry sales” were down from £319m in 2017 to £312m last year.
Despite this, the group said the outlook remained positive, given “continued growth in the poultry market. “The group’s financial situation remains very strong with significant cash balances and a reasonable level of debt relative to profit,” directors said.