Company Snapshot: Manderley Food Group Ltd
Positive results following move
Published 23/04/2013 | 04:20
Manderley Food Group is now an English registered company with headquarters in Corby. The main shareholders are the Hutchinson family in Tandragee.
The original company was Northern Ireland Tayto, producing and distributing potato crisps and snack foods. Today's larger group is the result of an extensive acquisition programme by the original shareholders who bought, 2-3 years ago, a number of production units in England to create this larger group. The financial results for 2011-12 represent a big improvement on the results for 2010-11 which were dramatically affected by large impairment and amortisation provisions.
Had the 2011-12 results been available (the accounts were not registered until early April) when the forthcoming list of Top 100 businesses was finalised, these later figures would have been part of that publication.
In the most recent year, turnover resumed its expansion with revenue up by 18%. Operating and pre-tax profits which deteriorated sharply last year, have now returned to the 'black'.
The Directors report for 2010-11 pointed to two adverse features. In operating terms, there was a significant increase in raw material costs which was followed in 2012 by a sales price increase. Second, because of the changed market conditions, the group rationalised production facilities with the closure of a plant in Wednesbury.
Average employment in the Group continued to fall and, at an average of 1,345, was 10% lower than two years earlier in 2009-10.