Tableware specialist supplier Nevilles has reported its financial results for the 12 months to 31 December 2020.
The firm’s first figures from the pandemic period, now available publicly from Companies House, shows how severe the Covid impact has been.
Revenue dropped by 44%, from £23.8m in 2019 to £13.2m last year. While operating profit reversed into a loss, down 147% from £1.2m to £-0.6m.
Nevilles owner John Pompei analysed in the report: “Nevilles have seen an extremely challenging year in 2020, as the Covid-19 pandemic hit our hospitality market very hard. Sales reduced significantly, however Nevilles put in place measures early to restructure the business, utilise government schemes to support the business, and continue to maintain good service to our customer base.
“Our years of investment in technology, including online platforms and e-brochure technology, meant that we were well placed to capitalise on e-trading, with Nevilles being one of the easiest trading partners during the pandemic.”
He was optimistic for the future, saying: “All key management personnel have been retained throughout the pandemic, and Nevilles are in a strong position to recover, with an excellent, flexible structure and a strong service proposition.
“We continue to plan for long term growth, and will work on opportunities to capture greater market share in the UK, Europe and the wider international market.”