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Devon-based organic vegetable box company Riverford has announced a substantial £1.3 million profit-sharing scheme for its workforce following an exceptional year of financial performance. The company’s pre-tax profits more than doubled to £5.3 million in the year ending 4 May 2024, whilst sales climbed 11% to reach £110 million.
More than 1,000 employees at the organisation will receive approximately £1,000 each as part of the employee-owned company’s enhanced profit-sharing initiative. This distribution marks a significant increase from the previous year’s £500,000 total payout.
The company’s growth trajectory has remained robust post-pandemic, with Christmas 2023 deliveries reaching 70,000 boxes, compared to their usual 65,000 weekly average. The expansion in sales was partially attributed to a 5.6% price adjustment implemented in mid-2023, reflecting industry-wide cost pressures stemming from the Ukraine conflict’s impact on energy and fertiliser expenses.
Commercial Director Lucinda Turner highlighted the company’s success in maintaining its market position despite increased competition from supermarkets and rival box schemes. The organisation has demonstrated its commitment to sustainability through significant investments in renewable energy, including the addition of 200kW of solar power to their existing 800kW installation.
The company’s founder, Guy Singh-Watson, who began the venture in 1993 with deliveries from a Citroën vehicle, completed his exit from the business in 2023, selling his remaining 20% stake for £8.5 million. This transaction marked the final step in transitioning Riverford to complete employee ownership.
Looking ahead, Riverford continues to strengthen its environmental credentials with ambitious tree-planting initiatives and the expansion of its electric delivery fleet, positioning itself as a leader in sustainable organic food distribution.
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