• Thu. May 12th, 2022

International sales help results hold steady at Mornflake maker

ByRandall B. Phelps

Apr 27, 2022

International sales have helped the company behind the Mornflake cereal brand’s results remain stable in its most recent financial year.

Morning Foods reported international sales, excluding Europe, of £9million for the 12 months to July 31, 2021, an increase from £6.8million, recently filed documents confirmed from Companies House.

The group’s total turnover rose from £168.1m to £165m over the period, with UK sales rising from £153.6m to £148.8m while revenue in the rest from Europe fell from £7.6m to £7m.

READ MORE: Co-op Live opens bookings as £365m arena prepares to reveal first wave of events

Morning Foods, whose roots date back to 1675, also made a pre-tax profit of £7million, up from £7.7million the previous year.

The company’s products are sold by Morrisons, Asda, Ocado, Booths, Amazon and Home Bargains and are one of Crewe’s biggest employers alongside Bentley.

Its Mornflake brand of breakfast cereals was created during World War II and now includes a range of products including oats, porridge, muesli and granola.

A statement signed by the board said: “The directors are satisfied with the performance of the group.

“Grain price volatility, particularly oats, remains an ongoing and critical issue.

“As in previous years, the current period has been impacted by the devaluation of the pound against a basket of foreign currencies.

“The wet autumn of 2019 and the dry conditions of 2020 resulted in a bountiful but not very productive harvest.

“The group continues to diversify its revenues into different product groups and sectors, including flour milling, food processing, energy production and supply, logistics and scientific services.

“Covid-19 created significant operational challenges that were quickly and safely overcome.

“Our experience during this time leads us to be reassured that continued disruption resulting from Covid-19 on the group can be managed effectively.”

The business has remained in the hands of the Lea family since its inception.