Company Snapshot: Avondale Foods
Food glorious food helps Avondale sustain success over past decade
Avondale Foods (Craigavon) is a local company controlled by the Geddis family. With the exception of the latest trading year, in recent years it has successfully expanded turnover in nearly every year in the last decade.
In the most recent year, turnover at over £35m was 12% lower than a year earlier. However, turnover was more than treble the level of 10 years ago.
The company trades under its own brand name 'Country Kitchen' and also manufactures some commodities which are then sold under brand names agreed with its clients.
In the period from 2006 to 2009, whilst turnover increased, the operating profits were lower than in earlier years. Then in 2010, the company registered the best operating profits of the past decade.
More recently, profit margins have decreased although positive results have been achieved.
Pre-tax profits have moved broadly in parallel with operating results with interest earned on invested sums offsetting any charges on borrowed funds.
Bank borrowing has remained at modest levels.
Employment numbers rose from an average of 229 people in 2000 to a peak of 393 people in 2008. Since then numbers employed has fallen to an average of 337 people in 2012.
The balance sheet value of shareholders' funds rose slowly year by year from 2000 until 2009 when it was estimated at £10.3m.
At the end of March 2010, the estimate increased sharply to £13.7m, largely as a result of the retention of over £3m in post-tax profits.
Similarly in the two most recent years, retained post-tax earnings have been added to the balance sheet value of shareholders' funds which reached £16.8m at March 2012.