Catering equipment maintenance specialist MCFT has bucked the prevailing financial trends in the industry to increase its profitability.
This is the first time that the Maidenhead-based company has posted its accounts to Companies House in full – in previous years it enacted the small company exemption to release a filleted version of its annual report.
In the 12 months to 31 December 2020 the servicing firm turned its fortunes around, transforming a loss of £121k in 2019 to a profit of £697k.
And while turnover was slightly impacted by the pandemic’s effects, it was a modest decline of 27% from £11.2m to £8.2m last year.
MD Chris Craggs stated in the report: “With many workplace canteens and schools and other sectors closing in lockdowns, this resulted in less commercial kitchen equipment being used, needing repair, or being replaced.
“However, the business has used this opportunity to become considerably leaner and more efficient with substantial improvements in the way jobs are carried out (reducing wait time for customers) and improved geographical distribution of resource. With the aid of the government’s coronavirus job retention scheme the business managed to adapt and improve profit to over 8% from 0.6% the previous year.”
He further analysed: “As of August 2021, the business has focused year to date on opportunities in other sectors and have had more success in education. We remain optimistic for the foreseeable future as we work our way through the medium-term disruption of this economic cycle. MCFT is in the fortunate position of having a strong forward orderbook, cash reserves and a positive sales pipeline.”