William Jackson Food Group said reduced customer spending was to blame for a “challenging” year which saw profits fall.
The Hull-based food producer, best-known for its recognised Jackson’s bread brand, saw pre-tax profits fall to £1.9m in the year to April 27 – down from £8.8m.
Turnover slipped slightly at William Jackson Food Group – from £11.6m to £11.4m – amid “a tough economic climate” for the business.
William Jackson Food Group (WJFG) recently . Mr Watson was formerly the boss at Yorkshire Pudding maker Aunt Bessie’s.
Directors at WJFG said in recently-filed accounts: “The year ending April 27 was a challenging year for William Jackson Food Group.
“Consumers continued to experience a tough economic climate, leading to a squeeze on disposable income that resulted in being ever more conscious of their purchasing decisions.
“This impacted our customers throughout the food supply chain.”
During the year in which WJFG saw profits slide, the company sold its well-known Aunt Bessie’s brand to Birds Eye owner Nomad Foods for more than £200m.
William Jackson followed up the sale by buying two new companies.
First up was Lancashire-based fine ingredients supplier Wellocks, which employs almost 500 people.
Just months later, in November 2018, it bought Belazu – a premium ingredients business which specialises in Mediterranean olives, antipasti, pastes and vinegars.
Looking ahead, directors at the historic Hull food company said: “The board continues to believe that opportunities for growth, innovation and development outweigh and potential impact of the risks and uncertainties currently facing the group.
“In the coming year there will continue to be a tight control of capital and the emphasis on cash management will be maintained.”
In what marks the start of a new chapter for WJFG, the business has appointed former Aunt Bessie’s MD James Watson as its new CEO.
Mr Watson first joined the historic Hull company in 2008, and has since overseen growth at the group’s recognised Jackson’s brand.
Formerly boss at Aunt Bessie’s when the business was part of the William Jackson group, Mr Watson has now succeeded Norman Soutar as its chief executive.
Mr Soutar decided to step down from his position at the company after almost 14 years with William Jackson.
Nicholas Oughtred, chairman at the group, said: “I am grateful to Norman for everything he has done for the business over the past 14 years, for his commitment to helping us grow, his long-term vision and his determination in good times and tough times.”
