Foodservice Equipment Marketing (FEM) makes its first appearance in our top 10 after adding an impressive £1.6m to its top line in 2017.
That represented an increase of 10% on the previous 12 months, leaving it with a full-year turnover of £18.2m.
FEM has made its name as an exporter of cutting-edge catering products from the American market and its close relationships with brands such as Alto-Shaam, Cambro, Hamilton Beach, Sirman and San Jamar ensures it always has something new to excite the market.
Like most catering equipment importers, however, the impact of currency changes since the EU referendum has been a painful pill to swallow.
The drop in sterling against the US dollar and the euro had an immediate impact on FEM’s margins last year, with operating profit falling 10% to £2.9m as a result.
FEM has taken steps to control the impact of currency fluctuations this year, but still expects challenging trading conditions to persist until the full effect of the UK’s decision to leave the EU becomes apparent.
In a review of the business contained in its 2017 financial report, the directors of the company said they remain committed to maintaining a competitive pricing structure and targeting new sales channels in a bid to achieve future growth.
2017 Vital Statistics
Turnover: £18.23m (+10%)
Operating profit: £2.95m (-10%)
Employees: 32 (29)
Ownership: The controlling party is H Hogan.
Financial year end: 31 December