Abel & Cole owner enters the red as it battles cost-of-living crisis
The owner of organic vegetables box business Abel & Cole fell into the red despite sales increasing as it battled the impact of the cost-of-living crisis.
William Jackson Food Group, which acquired Abel & Cole in 2012, has reported a pre-tax loss of £1.5m for the year to 27 April, 2024.
The loss comes after the East Yorkshire-headquartered group reported a pre-tax profit of £1.2m in the prior year.
However, newly-filed accounts with Companies House also show that its turnover increased from £315.6m to £334.3m over the same period.
Its EBITDA (earnings before interest, taxes, depreciation and amortisation) dipped slightly from £16.3m to £16m.
Abel & Cole itself cut its pre-tax loss from £736,000 to £22,000 in the year as its turnover edged up from £81.1m to £81.7m, according to separate accounts.
William Jackson Food Group was founded more than 190 years ago and is still family run.
It also owns the likes of Belazu while it sold the Aunt Bessie’s brand to Nomad Foods in 2018.
A statement signed off by the board said: “This was another challenging and successful year for our group.
“The cost-of-living crisis continued to influence consumer behaviour.
“However, guided by our family business values, we have navigated the conditions well, launching new products and winning new customers.”
On its future, the group added: “We remain cautious about the ongoing challenges impacting the industry and the wider economy but remain confident that we are well placed to manage these.
The board continues to believe the opportunities for growth outweigh the potential risks and uncertainties the group faces.
“This is demonstrated by a continued commitment to invest in our businesses and reflect the long-term view of our board.”