Welbilt bolsters UK net profit by 65% as turnover soars to £85m

Foodservice equipment manufacturer Welbilt’s UK business is now worth £85m a year following a year in which the company also posted record profits, latest financial accounts show.

Turnover at the firm increased 10% to £84.9m for the 12 months to 31 December 2017 as the company saw healthy demand for its range of cooking equipment.

The company, which is responsible for brands such as Merrychef, Convortherm, Garland and Frymaster, said it benefitted from “both organic growth and roll-out expansion by major food chains together with continued investment in new products”.

The top-line growth translated into strong profits for the business, with operating profits rising from £9.6m to £17.2m, and net profit up 65% to £16m on the same basis.

The bottom-line growth is particularly impressive given that Welbilt only added two people to its headcount in the year. It employed 286 staff at period-end.

In the report, the company’s directors said they were optimistic about the future. “The business and financial climate remain uncertain in certain sectors and regions but the directors, having reviewed their business plan, are confident of continued progress,” they stated.

Welbilt, which traded as Manitowoc Foodservice prior to a rebrand last year, said its principal activity continues to be the manufacture, sale and aftermarket support of commercial catering and foodservice equipment, including kit brought in from other members of the worldwide group. In the UK it manufactures Merrychef ovens from its plant in Sheffield and these are sold worldwide.

Approximately 50% of the company’s business is derived from the UK, with around 25% from Europe, Middle East and Africa. The remaining chunk comes from Americas and other international markets, with a small percentage from Asia Pacific.

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