Dublin-headquartered Valeo Foods, which owns brands such as Jacob's biscuits, Batchelors beans and Odlums, has reported turnover of nearly 1.4bn for the 12 months to the end of March. Accounts for Valeo Foods Unlimited Company show turnover increased 11.4%...
Dublin-headquartered Valeo Foods, which owns brands such as Jacob's biscuits, Batchelors beans and Odlums, has reported turnover of nearly 1.4bn for the 12 months to the end of March.
Accounts for Valeo Foods Unlimited Company show turnover increased 11.4% year-on-year from 1,249.4m to 1,392m, but pre-tax losses ballooned from 2.1m to 41.3m despite once-off exceptional net costs falling from 40.8m to 21.9m.
Excluding exceptional items, the group made a loss of 19.4m before tax compared to a 38.7m profit in 2022, and no dividend was proposed or paid this year following an 88.1m dividend last year.
The cost of sales increased more rapidly than turnover, rising 30.8% from 778.4m to more than 1bn, while finance costs increased marginally to 81.1m.
Valeo made an operating profit of 53m, down from 90.6m, before net exceptional items of 21.9m and finance costs of 72.4 Overall, Valeo made a 34.4m loss in 2023 compared to a 3.1m loss last year.
Group revenue in Ireland increased 4% to 321.4m but turnover in the UK, the group's largest market, declined slightly to 578.6m. Europe contributed a further 356.6m while the group made 102.5m in North America and 32.9m from global export.
Employee numbers were reduced from 4,489 to 4,253, and staff costs declined 14.7m to 178m while directors' pay fell from 4m to 1.4m.
The accounts show the group paid 62.1m in cash net of cash acquired for maple syrup maker Les Industries Bernard et Fils Ltιe, with the new subsidiary contributing revenues of 95.2m and a post-tax loss of 7.3m.
Shareholders funds totalled 66.6m in March, up from 40.5m in 2022.
Valeo's directors said that revenue increased 3% and operating profit fell 41% when excluding acquisitions and on a constant currency basis.
They cited ongoing challenges in the retail sector and the economic impact of the war in Ukraine, particularly the rising cost of energy, utilities and consumables along with supply chain pressures.
Valeos brands include Odlums. (Pic: Julia Ewan/The The Washington Post via Getty Images)
"Additionally, the group has been continuing to deal with the impact of the Covid-19 pandemic on economic activity and consumer confidence in the markets in which Valeo operates and sells its products," they continued.
"Valeos ambient grocery business performed reasonably well due to household consumption and in-home dining, which have remained at relatively high levels since the earlier stages of the pandemic, in the groups key markets.
"However, Valeos foodservice and impulse categories remain challenging."
