Grants Oak Smoked reports ‘successful’ year
One of the UK’s leading traditional smoked salmon companies says it has managed to adapt well, despite the Covid-19 pandemic, building on revenue which grew by more than a third in 2019.
Like many seafood businesses, Grants Oak Smoked Ltd – based in Maryport, Cumbria – found markets both at home and abroad either closed or locked down.
Despite these challenges, founder and director Jonathan Brown said the company has managed to weather the storm.
He was commenting after last week’s publication of the company’s latest accounts which showed a substantial increase in sales in the (pre-Covid) financial year to 31 December 2019.
Reporting on a “very successful year financially”, he said turnover surged by 35 per cent from £17.4m the previous year to £23.56m in 2019, of which exports accounted for more than half. This, he added, was due to Grants gaining new markets both at home and abroad.
The financial year ended with Grants adding two gold medals to an already impressive list of prizes, at the Italian based International Food Taste Awards which recognises the finest foods from across the world. All entries are blind tasted by independent judges.
Established in 1983, the company supplies smoked salmon to UK and overseas hotels, restaurants, retailers and food companies, all markets which have been severely hit by the coronavirus pandemic.
The report says that in the face of such obstacles, Grants has managed to maintain tight control of expenditure and ensure a reliable source of raw materials and ingredients.
At the 2019 year end, operating level profits rose by 130 per cent to £1.525m which it described as a “significant achievement”.
Grants says it is working closely with customers to ensure supply, adding that the 2020 year end position remained strong with a secure financial base and an adequate cash flow to support future operations.