Closures boost profit for Bernard Matthews
17 September 1998
Closures boost profit for Bernard Matthews
By FWi staff
POULTRY group Bernard Matthews has started to benefit from its decision to close some farms, shut a factory and stop exporting meat.
The poultry group took an exceptional charge of £4.4 million for restructuring its business and shutting its processing plant in Spalding, Lincolnshire. The move cut pre-tax profits for the six months to 12 July back from £6.7m to £5.3m.
Turnover fell from £185.3m to £173.8m. But underlying profits rose to £9.7m.
The company reports that the strong Pound hit the results as UK-based competitors were able to source their meat internationally. It said the decision to add more than £5m to the marketing and advertising spend this year was paying off.
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