Supplier, Jestic Foodservice Equipment, has reported its latest financial results, which show a stable year for the Kent-based firm.
According to figures available on Companies House, in the 12 months to 30 September 2018, Jestic recorded a 4% increase in operating profit, from £2.6m in the previous financial year to the current £2.7m.
Turnover dipped slightly from 2017’s £21.9m to £21.2m, a 3% fall.
Jestic director and general manager, Ben Dale, told Catering Insight: “In a well-documented challenging market we are pleased with our performance in 2018, with sales down 3% compared to the previous year but margins and profitability both slightly better than 2017.
“Regional dealer sales have been the toughest challenge for Jestic in 2018, which came as no surprise, and in anticipation of this we added Rosinox and Alfa Pro to the catalogue. We are really encouraged by the activity and interest in both of these lines.”
He further analysed: “Our margin improvement is thanks to improved operational efficiency within our service division with first time fix improving by 4% over the course of the year, resulting in 1,200 fewer return visits for our nationwide team of Jestic employed engineers.
“While the economic and political landscapes will throw up some challenges for everyone in the sector during 2019 we are cautiously optimistic for the year ahead having built a great team and widening our customer base over recent years.”
The company directors also stated in the annual report: “For the next financial year the directors have taken a cautious approach to exposure to foreign exchange fluctuations by committing to forward contracts, protecting a minimum price for our currency requirements.
“While steps have been taken to minimise the impact of currency movements, confidence in the UK economy will influence customers’ appetite for investment potentially impacting company performance.”