Space Catering was on a more than solid financial footing before the pandemic hit last year, according to its latest annual report just posted up on Companies House.
The financial results showed that in the 12 months to 31 December 2019, the Gloucester-based kitchen design house accrued its highest ever turnover, £21.8m, 1% up on 2018’s £21.6m.
Operating profit grew at hugely faster rate with a 47% increase from £644k to £949k in 2019.
Space has been part of the wider Nisbets group since 2016, when the catering equipment supply giant acquired a controlling stake.
The company directors wrote in the report: “The directors plan to continue developing and expanding service and product ranges across the core markets in the UK. The company continues to be part of Nisbets Plc and operates as part of a wider management structure.”
Space Catering MD Ian Bidmead told Catering Insight: “The Space board were pleased with the company’s financial performance in 2019, with record high turnover and operating profit showing growth compared with 2018, whilst navigating a challenging market backdrop of Brexit uncertainty and a flat eating out market.
“The strategy put in place delivered pleasing results across all divisions of Space during the year, and gave the business good momentum leading into 2020.”
Looking over last year for the business, he analysed: “Whilst the pandemic has inevitably affected Space, as it has entire hospitality industry, we have shown strong resilience and remain confident that 2021 will show continued progress.”