The company told Food Manufacture that “various steps to reposition the business” had been taken following the release of its full year results this week.
The firm reported a drop in profit before tax of £800,000 to £19m, for the period ending December 29, 2018, although this excludes non-recurring costs of £18.2m. Samworth had posted a profit of £25.3m in 2017.
The costs were mainly related to write downs of the firm’s Kensey Foods business in Cornwall and the closure of its Brooklands Bakery business, a spokesperson told Food Manufacture.
Re-shape the business
“A number of actions have been taken to reshape the business,” they said. “This includes the purchase of the Manton Wood food-to-go site in early 2019 and investment in the Higgidy brand, plus our exit from desserts including the closure of Kensey Foods and sale of Blueberry Foods.
“While market conditions continue to be testing, the business is now performing better in terms of sales, profit and cash generation and we remain confident about the future.”
The Manton Wood acquisition took place in October last year, in a deal with 2 Sisters Food Group.
