2020/21 financial results reveal growth for Cornish dairy
Trewithen Dairy, the family-run, producer of Cornish dairy products has announced its results for the year ended 30 April 2021. These show that, against the challenging backdrop of the Covid-19 pandemic, the business continued to grow and develop as a result of organic customer growth and a number of significant new customer wins and retentions during the year.
Financially the business generated satisfactory growth in its sales revenues and profitability, while at the same time strengthening its balance sheet. The company’s turnover increased to £56.3 million (up c.8% vs £52.1 million in 2019/20) as it continued to grow and develop. The business generated a profit before tax of £1.6 million (2019/20 £1.4 million) reflecting the increase in sales, an improved sales mix and a continued focus on maintaining cost control. While its balance sheet also strengthened with total net assets increasing by £1.2 million to £7.6 million (2019/20 £6.4 million).
At the same time, the business maintained its commitment to supporting its dedicated group of local Cornish dairy farmers. Its milk price remained highly competitive throughout the year and it again paid a premium above a basket of other South West milk buyers’ prices.