Sales exceed £30 million at natural pet food firm
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Annual sales have exceeded the £30m mark at Norfolk-headquartered raw pet food company Natures Menu, newly filed accounts have revealed, with managing director Craig Taylor forecasting an additional £5m increase in the current financial year.
The 220-strong business generated turnover of £30.5m for the 12 months to 31 March 2017, an increase of almost 20 per cent from about £25.5m a year earlier.
In the annual report, managing director Craig Taylor said the growth has been achieved across all sectors of the business. Natures Menu also enjoyed an increase in gross profit from about £13m to £15.2m.
But profit before tax fell from £832,512 to £344,000 due to an increase in raw material prices, distribution costs and administrative expenses. This was primarily caused by pressures on exchange rates as a result of the fall in the value of the pound against the euro.
"The company was able to manage some of the adverse currency impacts with forward exchange contracts but is reporting significant foreign exchange losses in the current period compared to gains in 2016," Taylor added.
Taylor told Insider that the business is expected to turn over more than £35m in the financial year to 31 March 2018.
Natures Menu claims to be the largest natural pet food brand in the UK and the largest raw pet food company in Europe, specialising in raw dog and cat food made with quality meats and fish, blended vegetables, fruits and healthy carbohydrates.
The business was recently named as one of London Stock Exchange's top 1,000 Companies to Inspire Britain. The annual report identifies the fastest-growing and most dynamic small and medium enterprises (SMEs) in the UK, and Natures Menu was just one of two companies in Norfolk to be featured in the list.
At the time, Taylor said: "We are delighted that Natures Menu has been recognised as one of the most inspiring companies in Britain. For 35 years, we’ve been creating 100 per cent real, wholesome food for pets that’s packed full of naturally nourishing ingredients.
"We started out in 1981 as a small family run business and we are now providing millions of packs of raw pet food every month to satisfied customers across Europe with a fleet of 70 refrigerated vans delivering daily to UK homes from Inverness to Truro."
Natures Menu is currently gearing up for its next phase of growth and is expecting to open a new £12m manufacturing facility in Snetterton in September 2017, providing it with the necessary capacity for future expansion. The company also operates from regional distribution hubs in Bristol, Leeds and Scotland.
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