Temporary and rental kitchen specialist PKL has posted its latest financial results, indicating it weathered the pandemic period comparatively well.
However the Cheltenham-based company’s annual report, now publicly available on Companies House, covers a 16-month period ending 31 December 2020, after the firm lengthened its financial year by 4 months, following its acquisition by Lowe Rental in 2019.
This means that a direct accurate comparison to previous reporting is somewhat difficult. In the latest accounting period the firm accrued £20.0m in turnover. Adjusting that to an average 12 month period would suggest the total is just 9% down on 2018-19’s sales of £16.5m.
For operating profit, the 2019-20 16-month total is £3.3m, which is only a 3% cut from the 2018-19 12 month figure, but adjusting the current period to an average 12 month rate would indicate a reduction of 29%.
Within the report, chief financial officer Paul Lavery wrote: “The directors believe that both the performance for the period and the period end financial position are satisfactory. The directors believe that the business is well positioned and they are continuing to explore new growth opportunities.
“The demand for the company’s products and services has remained strong throughout the pandemic and is expected to grow significantly through FY21 and beyond. The directors will continue to monitor performance, modelling Covid-19 scenarios to identify and evaluate financial and liquidity impacts, opportunities and risks, and will react accordingly.”
While COO Karen Rumsey told Catering Insight: “PKL are pleased to have been able to publish a set of financial results which reflects both the continuing strength and resilience of the core business during the coronavirus pandemic, as well as our commitment towards growth in our FER (previously U-Select) division.
“This has enabled us to support, via the provision of catering equipment to independent and start-up business, the innovation and business change required for those smaller businesses to pivot towards non-traditional takeaway and other revenue generating activities as circumstances have dictated.
“With the events and hospitality industries particularly affected over the last 24 months, we have also introduced increased flexibility and support to those clients who are operating under the additional pressures, reduced timelines, and changing requirements dictated by the pandemic.”