Small loss for Banham Poultry

Norfolk-based Banham Group – owners of Banham Poultry – has reported an operating loss of over £1m in what its directors describe as a “disappointing” year.

“It has been a challenging year for the whole poultry industry, with feed prices at record levels and the difficulty to recoup all of this from the marketplace,” says the company’s annual report for the year to 30 September 2011.

In response, the company has brought in new executives, restructured the buisness and introduced new customers, while “reviewing all existing customer relationships”.

The financials for the period 1 October 2010 to 30 September 2011 show that Banham Group’s turnover dropped 2.2% to £94.9m, and it made a net loss of £1.3m.

Banham Poultry, which was set up as a subsidiary in 2010, achieved turnover of £91.6m, but “cost of sales” came to £82.6m, leaving a gross profit of £9m. After allowing for operating costs, interest and taxation, a net loss for the period of £325,882 was recorded.

The directors described the markets as remaining “highly competitive”, but were confident “the company has adequate resources to continue in operational existence for the foreseeable future”.