The Airedale Group has recorded bumper results according to the latest publicly available accounts from Companies House.
The consolidated group, including Airedale Catering Equipment, Caterform Ltd and SCCUK, posted a £42m turnover in the 12 months until 31 December 2016.
This represents nearly 18% growth on 2015’s figure of £34.5m. Profit before taxation has performed a 180° switch too, with 2016’s result standing at £1.6m profit compared to a loss of £118,000 the year before.
During the year, the group achieved growth of 20% benefiting from its national service network. However, gross profit margin figures slipped slightly from 26% to 24%.
Nevertheless, the firm feels that Ebitda is a more relevant measure for the business than bottom line profits, and for the group overall this was over £3m in 2016.
In the report, the directors stated: “The directors consider that the results for the year and the financial position at the end of the year are satisfactory. The group has a strong orderbook and pipeline and 2017 has started well in line with our expectations.”
CEO Rob Bywell told Catering Insight: “Our financial performance is as a direct result of the investment strategy of the business over the last 5 years. Every £1 earned is reinvested to support our long term growth ambitions, which will continue to be driven by a combination of organic and acquisitive activities.”
For the Airedale Catering Equipment division individually, the financial report was similarly healthy. A turnover of £28.7m for year ending 31 December 2016 marked a 28% increase on 2015’s £22.3m figures.
Profit before taxation was up from £1.1m in 2015 to £2.5m last year, and the gross profit margin also grew from 24% to 25%. The division had higher payroll costs during the year £570,000 more than the prior year) and had a higher orderbook and sales pipeline at 31 December 2016 than at 31 December 2015 as a consequence.