Rowse Honey’s profits slashed by over £90m after sticky year
Profits at Rowse Honey were slashed by more than £90m because of the “ongoing challenges in the sector and the broader economic environment”, new documents have revealed.
The business, which is headquartered in Wallingford, Oxfordshire, has reported pre-tax profits of £30.5m for the 12 months to March 31, 2023, down from £123.3m in the prior year. Its pre-tax profits stood at £43.2m in the 12 months before that.
Its turnover increased slightly from £148.3m to £149.4m during the same period.
The company, which can trace its roots back to 1938, was acquired by Vale Foods in March 2014.
Other brands owned by the Ireland food group includes Jacob’s, Kettle crisps and Bachelor’s.
A statement signed off by the board said: “While turnover increased marginally during the year, operating profit decreased significantly reflecting ongoing challenges in the sector and the broader economic environment.
“These challenges include the economic impact of the Russian/Ukrainian conflict, particularly in respect of the significant increase in the cost of energy, utilities and consumables, along with increased pressure on the supply chain and availability of certain raw material inputs.
“Trading conditions in the UK food and retail sectors remained challenging.
“Notwithstanding this challenging trading environment, the directors consider that the company is reasonably well placed to take advantage of opportunities in its addressable markets. The natural sweetener and spreads market remains broadly resilient.”