Company Snapshot: Avondale Foods (Craigavon) Ltd.
Food company has great recipe for success
Craigavon firm Avondale Foods is a local company controlled by the Geddis family. It has successfully expanded its turnover nearly every year in the last decade.
In the most recent year, its turnover of over £36m was more than treble the level of 10 years ago. The company is engaged in food processing and has traded under the brand name Country Kitchen.
In the period from 2006 to 2009, whilst turnover increased, the operating profits were lower than in earlier years. However, in the most recent year the company registered the best operating profits of the past decade.
Pre-tax profits have moved broadly in parallel with operating results with interest earned on invested sums just about balancing charges on borrowed funds. Bank borrowing has remained at modest levels year by year. Employment numbers have risen from an average of 229 people in 2000 to a peak of 393 people in 2008. Since then, number employed has fallen to an average of 350 people in 2010.
The balance sheet value of shareholders' funds rose 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.