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Noble Foods Group records pre-tax loss following land and buildings revaluation

Hens perching on a wooden slat

NOBLE FOODS GROUP has recorded a £6.4m pre-tax loss in its latest financial results, covering 53 weeks to 2 October 2020.

The loss arose following the revaluation of freehold land and buildings.

See also: Hen numbers on the up as egg oversupply bites

Turnover was slightly lower at £312m, compared with £314m in the previous period (a 52-week financial year).

Operating profits before the revaluation were £6.2m, compared with £9m a year earlier.

The directors said they were pleased with the results for the year, which were “as expected”.

‘Competitive pressure’

“There is continuing competitive pressure, which always drives us to reducing our costs and improving our efficiencies,” the strategic report says.

Earnings before interest, taxation, depreciation, amortisation and impairment were £11.9m, compared with £14.7m a year earlier.

Principal risks and uncertainties are listed as competitive pressure in the marketplace and avian influenza outbreaks.

Covid-19

And directors also said they were monitoring the impacts of Brexit and covid-19, but demand for eggs had been strong.

“As a business operating in the food production sector, commercial performance has remained robust during the covid-19 pandemic, and directors continue to expect this to be the case.”