Category UK Company Reports 2022
Two days after a compulsory strike-off action was averted, Medina Holdings, which was the liquid milk processor’s main trading company up to the ongoing merger with Freshways, reported turnover up 26% to £951,000 in the year to October 2022. An operating loss of £317,000 was reversed into a profit of £181,000. A £5.2m profit on the sale of investments gave them a pre-tax profit of £5.3m, up from a loss of £317,000 the year before. The report bears no direct comparison with previous years (they posted an operating loss of £0.9m on turnover of £120m in 2021) and the transfer of assets and holdings into a new parent, MHL Group Holdings (results published separately), during the year adds complexity. Fixed assets are reported down from £5.7m in 2021 to £4.1m and the amount owed to debtors jumped from £6.0m to £14.5m. Net assets were up from £1.5m to £6.8m. To add to the complexity, the report said there were no directors or employees associated with the company.
Ornua Ingredients Europe, formerly F J Need, who supply cheese and other dairy products to foodservice and manufacturing, have posted a strong end of year report due to the successful merger with Ornua Ingredients UK. Revenue was £164.3m in calendar year 2022, up 51% from 2021, of which 85% came from UK sales. Operating profit jumped from £239,000 to £3.6m, increasing their average operating margin from 0.2% to 2.2%, and a pre-tax loss of £281,000 was turned into a profit of £2.3m. Staff numbers were up from 243 to 274.
