Foodservice Equipment Marketing recorded a 50% increase in turnover last year as the business roared back from Covid in style, its latest financial accounts show.
The Glasgow-based outfit booked sales of £15.1m for the year to 31 December 2021, compared with £10.1m in 2020 when the industry was hit by the pandemic. Prior to that, the company had reached revenues of more than £18m.
Profits more than doubled from £1m to £2.5m last year, allowing the company to pay a dividend of £1.4m.
FEM represents a range of largely North American-based catering equipment brands, such as Alto-Shaam, Hamilton Beach Commercial, Manitowoc Ice, Prince Castle and Vollrath, as well some from Europe.
In a review of the business, which employs 30 staff, managing director Harry Hogan wrote: “The directors are pleased with the performance during the year as the market returned to growth in 2021 following the effect of the Covid-19 lockdowns in the hospitality industry in 2020 and the first quarter of 2021.
“We had a significant increase in turnover and profitability during the year after the industry reopened from the end of the first quarter 2021. We are confident that following two challenging years we are in a good position to grow the business going forward.”
Mr Hogan said there were still “many challenges in the supply chain”, with longer production lead times, supply capacity and global shipping delays.
He added: “Going into 2022 there is downward pressure on sterling due to the effects of Covid and political and financial uncertainties, however we are confident we are well-positioned to grow our business with the improved demand in our industry and the restructuring of our business that was carried out during the last two years.”
FEM retains Manitowoc Ice import rights through ownership changes
