Top-fruit supplier OrchardWorld has a “strong balance sheet” and increased its turnover and profits in 2010 despite tough market conditions.
The Colchester-based business recorded an increase in turnover by 8.9 per cent to £40.2 million in the year to December 31 2010. Pre-tax profits rose from £173,000 in 2009 to £743,000 the following year, according to accounts filed at Companies House this month.
In the directors’ report, OrchardWorld director Laurence Olins explained: “Market conditions are expected to remain challenging but we remain a stable, cash generative business that is well positioned to deliver future growth, supported by our strong financial position.
“The likely scale and speed of economic recovery remains uncertain, and we are cautious about the outlook for the UK consumer over the next year. However, we expect revenue growth with the benefit of returns from our long-term strategic development plans.”
Net assets at OrchardWorld increased from £427,000 in 2009 to £925,000 the following year while gross profit went from £1.7m to £2.6m.
Olins added: “The principal corporate risk to the business remains any downturn in consumer spending in our markets, whether as a result of changes in customer choices or driven by global environmental circumstances that impact upon the availability and pricing of fruit commodities.”
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