Avara focuses on optimisation after tough year
Avara Foods has pledged to streamline its business after posting a second successive loss in its annual accounts.
The leading poultry supplier’s latest accounts, for the financial year ended May 2023, showed an increase in turnover to over £1.5bn, but an overall loss of £12.8m after taxation. That represented an improvement of £3.3m on the May 2022 result.
The financial performance reflected a continuing tough trading climate, with new inflation driving costs higher and further depressing underlying demand, according to the company.
Chief executive Andy Dawkins said: “Given the anticipated prevailing economic and market conditions, financial performance for the period is in line with expectations. Avara’s higher turnover has arisen from the inflationary pressure that has been well documented over the period, but this significant rise does not fully offset the total increase in production costs, resulting in an overall loss after taxation.”
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