A Knowsley-based fruit and vegetable importer has expressed confidence that its strategy is 'the right one to return the business to profitability'. It made this statement after reporting a strong set of results.
Alfred Price & Sons was established in 1916 to trade chiefly in locally grown potatoes. Today, it employs a workforce of about 60 and operates from a huge site just off the M57, which includes a 36,000 ft2 cold store chamber. Products include apples, grapes, stone fruit, onions, exotic good and salads.
For the year to 31 August 2018, the company reported turnover of £33.7m compared to £28.3m the prior period. Pre-tax losses also narrowed from £1.1m to £499,683. This reflected the measures taken by management to target smaller customers and streamline costs to reflect this new business.
Reflecting on the year, Alfred Price & Sons said: "The board are pleased with the progress to date in repositioning the business, and the growth in turnover and margin gives the board confidence moving forward that this strategy is the right one, which can return the business to profitability.”
"The company also has improved its cash reserves as a result of the strategic and operating changes detailed above, and a cautious and prudent approach on distributions to shareholders. This means it continues to operate in a position of having no external finance from banks or other such funders."
"We have a very strong and committed team who are working hard to ensure that Alfred Price & Sons returns to a financially successful business."