Blue Seal posted a 10% increase in UK sales last year as bosses hailed the “growing acceptance” of its cooking equipment brands in the market place.
The ‘Blue Seal’, ‘Turbofan’ and ‘Waldorf’ brands all performed well as the business brushed off uncertain economic conditions to boost revenues from £14.9m to £16.3m for the year to 31 August 2017.
The manufacturer said it had managed to increase sales to its top distributors as well as a wider spectrum of customers, while its participation in the ENSE buying group also helped business.
The firm said that a tight control on overheads and margins, coupled with stronger market penetration, meant that overall profitability increased as a percentage of sales. After-tax profits for the period shot up from £1.5m to £1.9m.
Brexit has led to significant volatility in currency exchange rates for catering equipment manufacturers and Blue Seal acknowledged that it has impacted its own pricing decisions.
With uncertainty around EU negotiations continuing, the company sounded a cautious note about market prospects for the 12 months ahead. “Signs for 2017/18 remain a little tentative due to the full extent of Brexit only being known in the course of time,” it stated in the report.
Blue Seal UK is a wholly owned subsidiary of Moffat Group Pty Ltd, which is registered in Australia. The ultimate parent company is the Ali Group.