The family-owned William Jackson Foods, parent company of organic food box provider Abel & Cole, has reported concerning financial results amid challenging economic conditions. The East Yorkshire-based enterprise posted a £1.5 million loss before interest and taxation for the year ending April 27, 2024, marking a significant downturn from its £1.2 million profit in the previous year.
Despite achieving an increase in turnover from £315.6 million to £334.3 million, the group’s adjusted cash profits from continuing operations declined from £16.3 million to £16 million. The company, established as a Yorkshire grocery shop in 1851 and now in its sixth generation of family leadership under chairwoman Sonya Eastaugh, has faced substantial headwinds in the retail sector.
The group’s portfolio includes premium brands such as Belazu, known for balsamic vinegar and olive oil, and Wellocks, a supplier of high-quality ingredients to professional chefs. Their Jacksons bakery operation maintains significant contracts, including the supply of all Co-op own-label bread from facilities in Hull and Corby.
While overall underlying sales grew by 6.3 per cent, this represented a slowdown from the previous year’s 9.4 per cent growth. The retail division particularly struggled, recording a 10 per cent decline in sales, though signs of recovery emerged toward the year-end. Abel & Cole’s individual performance showed improvement, narrowing its pre-tax loss from £736,000 to £22,000, with turnover marginally increasing to £81.7 million.
Chairwoman Eastaugh characterised the period as “challenging and successful,” acknowledging the persistent impact of the cost of living crisis on consumer behaviour. She expressed cautious optimism about the group’s position to navigate ongoing industry challenges, emphasising their commitment to family business values and continued product innovation.
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