TURNOVER at Kent-headquartered egg packer Fridays dropped in its latest results, with the firm posting a £198k pre-tax loss.
The latest financial report lodged covers the year to 31 December 2020, and says that, despite the ‘disappointing’ loss, the company’s cash position had improved.
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Sales were £43m, compared with £47m a year earlier.
Over the 12 months the company said it benefitted from an improved retail egg market following covid-related restrictions constraining out-of-home dining.
But that was offset by losses from a 70% drop in turnover in the company’s chilled food division, which supplies foodservice customers.
‘Uncertainty’
The directors report said: “Uncertainty from the ongoing covid-19 pandemic, low egg prices, high feed costs and staff shortages make for challenging times ahead.
“The company has also begun a transition from colony flock production to free-range and barn systems to be completed in the next couple of years.
“This will reduce our flock size and we have plans to expand our free-range capacity and contract producer base to mitigate this.”
