Global Group PLC, the UK’s largest producer of meat and pastry products for the UK foodservice sector, has moved into loss in the first half of its financial year to the end of June. The group attributed the downturn to a difficult trading environment, notably as a result of this year’s devastating outbreak of foot and mouth disease.
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An “excellent” first half at the meat sourcing division was not enough to keep the group in profit during the half. Last year’s pre-tax profits of £4.8m (US$7.1m) was converted into a loss of £599,000 after £105,000 of restructuring costs at Canterbury Foods.
Turnover on continuing activities improved £4m to £85.4m during the half. As demand has returned to more normal levels since the FMD epidemic abated in August, the outlook remains positive.
