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Cumbernauld-based Farmfoods sees 10% profits boom

Written by Scott Campbell.
Published at 15:37 GMT on Friday, 26th April, 2013.
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Picture is copyright of Bill Henry and is used on his courtesy.

CUMBERNAULD-BASED frozen food retailer, Farmfoods has reported a 10 per cent rise in pre-tax profit for the 2012 year despite turnover being down, 1.5 per cent.

It’s the third year in a row which the retailer has published double-digit profit growth after having broken the £600 million turnover, last year, for the first time ever, which drove pre-tax profits up 43 per cent, to £24.4 million.

In 2010, Farmfoods reported a 28 per cent rise in profits, to £17.7 million, when the company surpassed £500 million turnover.

The latest results, however, filed with Companies House, show turnover for the year to December 29, 2012, dipped slightly to £595 million, from £604.3 million, in 2011. Despite this slouch, however, pre-tax profits rose 10 per cent to £27 million, aided by a two per cent fall in cost of sales on the previous year to £536.4 million.

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According to the statistics, the retailer’s net finance expenses in 2012 totalled £485,000, a decrease from £631,000, in 2011. However, net borrowing rose 42 per cent to £16.4 million, up from £11.5 million, in 2011. Nonetheless, 2011 net debt had been halved from £22.4 million, the previous year.

The group’s capital expenditure for the year, including asset acquisitions, was £20.8 million, compared the 2011 figure of £11.7 million. With the company also noting that it invested £14.7 million in freehold property during 2012, compared with £7.8 million of investment, in 2011. 

According to the company’s accounts, the net book value of freehold property rose to £70.7 million; retail property accounted for £62.7 million; and, the company’s net asset value rose to £101.2 million, with a £4.6 million gain in the value of land held, to £27.1 million, in 2012, from £22.5 million, in 2011.

The Cumbernauld-based retailer currently employs 2,986 people nationwide.

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