Matthews cuts poultrymeat exports
BERNARD MATTHEWS is scaling back its unprocessed poultry exporting operations despite reporting a 19% rise in1998 pre-tax profits to £14.5 million.
The group said its commodity division, which provides meat for other processors, had seen increasing losses over the past two years.
The company increased profits despite incurring a £4.5m charge relating to the closure of its Spalding, Lincolnshire factory last September.
Profits were boosted by the strength of Bernard Matthews branded, added-value turkey products.
Branded businesses accounted for 70% of turnover in 1998 but overall sales fell from £372m to £341m, reflecting the cutback on the commodity side.
- Shake-up at Bernard Matthews, FWi, 05 January, 1999
- Closures boost profits for Bernard Matthews, FWi, 17 September, 1998
- Turkey king cuts back production, FWi, 19 May, 1998
- The Times 25/03/02/99 page 30 (Business Roundup)
- Financial Times 25/03/99 page 19 (Observer), 25
- The Daily Telegraph 25/03/99 page 38