ITW Ltd’s latest annual report shows that its food equipment division has posted its best financial results in 6 years.
The division, part of the UK arm of the mammoth ITW manufacturing group, generated £205.8m turnover in the 12 months to 31 December 2019. This is the highest total since the 2013 financial year, and is nearly a 6% increase on the £194.9m from 2018.
The food equipment division includes the whole Hobart UK group, including its warewash, cooking and service arms, plus Foster Refrigerator and its sister drinks cooler specialist, Gamko. However, all of these companies’ results are not stated individually. The operating profit figures for each of the group’s divisions is also not published within the report.
ITW Ltd’s overall results paint more of a mixed picture. Turnover was slightly down by 0.4%, from £843.9m in 2018 to £840.7m in 2019.
Geographically, £310.4m of the group’s revenue was generated in the UK, 37% of the total. This is compared to 2018’s £321.5m, which represented 38% of turnover in that year.
However, operating profit soared by 34% from £124.7m to £166.9m last year. The company’s financial report stated this was due to a £26.6m boost in royalty income, as well as a £14.7m fewer administration costs thanks to lower management fees and reduced pension costs.
Despite the coronavirus crisis, the company stated that it expects the general level of activity to be maintained in the forthcoming year.