The fresh produce group reports robust sales growth as it marks its 150th anniversary
Fresca Group has published a robust result for fiscal year 2023/24, reporting a third consecutive year of solid sales growth.
The fresh produce organisation, which comprises 14 separate companies – including Thanet Earth, Mack, Primafruit, DGM Growers and The Avocado Company – reported group sales of £523 million, up 25 per cent on the prior year.
Group CEO Martyn Fletcher said it had been an exciting year, during which the group had continued to expand its growing businesses and joint ventures, invested further in protected crops and introduced further quality and automation technologies.
In October 2023, Fresca Group increased its stake in the ownership of Thanet Earth by acquiring the shares owned by one of the joint venture partners, Rainbow Growers Group UK, meaning Fresca now owns 100 per cent of Thanet Earth Peppers.
Reflecting on the results, Fletcher added: “Clearly this acquisition has a material impact on our result this year. Whilst overall we are reporting an increase in group sales of 25 per cent, our like-for-like sales growth, excluding the acquisition, is still a healthy 3 per cent. Also EBITDA grew from £12.9mn last year to £13.4mn as a result of continued close management of costs.”
Fletcher highlighted other group developments, including a £3mn investment in a new Avocado Centre of Excellence for The Avocado Company – both increasing capacity and introducing new state-of-the-art ripening facilities. The investment is designed to yield a better-quality product while lowering its overall environmental impact.
At the same time, Thanet Earth made a strategic move into the production of leafy salads through the purchase of an 8.25-acre nursery located in Chichester which, when re-developed, will have the capacity to produce leaf products under 27,000m sq of glass, across 12 months of the year.
2024 also marks Fresca’s 150th trading anniversary.
Fletcher paid tribute to the company’s chairman, Chris Mack, who recently celebrated his 45th year with the group.
“Our business has been led by four generations of the Mack family,” he said. ”Our success in business is testament to the family legacy and values that were created 150 years ago, embedded over that time, and continue to run deep throughout our business today.
”Chris has been fundamental to the success of Fresca, and his attitude to doing the right thing is rooted in our mission statement – Doing business the right way – ethically and sustainably, for our people, partners, products and the planet.”
Describing his outlook for the current trading year, Fletcher concluded: “All businesses have faced an unprecedented number of challenges over recent years, and we anticipate more of the same such as climate change, geo-political issues and new government legislations.
”Nevertheless, it is our job to manage change in all of its forms, which together with our committed colleagues, we’ve demonstrated our ability to do over the last 150 years, delivering great quality produce and service to our customers.”
