Falling prices batter Bernard Matthews
BERNARD MATTHEWS, the turkey producer, reported a fall in full-year profits yesterday of 46% down from £22.6 million to £12.2m.
The effect of the strong Pound on exports and falling meat prices were blamed for the poor result. Profits continued to decline throughout the year despite the company reporting an increase in sales up from £355m to £372m. The company also incurred an exceptional charge of £1.9m due to the closure of one of its Lincolnshire factories.
Chairman Bernard Matthews said overseas performance, especially in Germany and New Zealand, was improving.
He said the poultry produce group should raise profits for 1998 because of lower feed costs and increased savings. The group is embarking on an aggressive marketing and advertising campaign.
- The Scotsman 26/03/98 page 27
- The Times 26/03/98 page 29
- Financial Times 26/03/98 page 36
- The Independent 26/03/98 page 24
- The Daily Telegraph 26/03/98 page 37