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November 14, 2012

UK: Bernard Matthews “cautious” after return to profit

Bernard Matthews has said it is "cautious" on the outlook for the coming 12 months, despite returning to profit in its last financial year.

Bernard Matthews has said it is “cautious” on the outlook for the coming 12 months, despite returning to profit in its last financial year.

The company said pre-tax profit in the 12 months to 1 July rose to GBP2m (US$3.2m). In the previous reporting period, the 18 months to 3 July 2011, the company booked a pre-tax loss of GBP28.8m, after exceptional charges of GBP17.5m. In 2011, Bernard Matthews announced it would change the date of its financial year, meaning that this year and last year are not comparable trading periods.

However, the company said it was “encouraged” by the result but remained cautious on the outlook for the coming year due to rising feed costs and poor consumer sentiment.

Bernard Matthews chief executive Noel Bartram added the company aims to grow turkey consumption in the UK, where total turkey sales were up 4.4%.

“We remain focused on our strategic objective of doubling turkey consumption in the UK by 2020 and  are encouraged by the 4.4% growth over the last year. I believe this to be a reflection of our continued efforts to promote turkey as a healthy and affordable meat.”

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