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By Kevin White2021-02-01T11:39:00+00:00 Source: Avara Foods The poultry giant said poultrymeat would continue to be a ‘key staple of UK shopping baskets’ this year, despite more turbulence for the food sector Avara Foods shrugged off the challenges of the closure of its duck business and the first coronavirus lockdown to post solid financial results for the year to 31 May 2020, its latest accounts have shown. Despite £5.9m-worth of exceptional costs related to the closure of its Faccenda Foods (Lincs) duck business, the poultry giant saw turnover climb by 5.6% to £1.21bn, with operating profit climbing by 13.5% to £16.1m. Pre-tax profits rose by 14.3% to £15.7m. ....
POULTRY giant Avara Foods, which has a factory in Hereford, says it made £2 million more profit before tax last year despite the challenges of the coronavirus pandemic. The company, which says it s one of the UK’s largest food businesses, said in the year ending May 31, 2020 turnover was up five per cent and it saw a £2 million increase in earnings before tax. After publishing the annual report and financial statement for Avara s second full year of trading after the joint venture between Cargill and Faccenda started, it said the impact of coronavirus was significant and hit trade, costs and margins in the final quarter. ....