Ali Group’s largest UK entity said supermarkets bought less catering equipment in 2018 after it reported a 2% reverse in turnover for its most recent full year.
AFE Group, which comprises Falcon, Williams Refrigeration and Mono Equipment, as well as two services organisations, saw turnover reach £121.2m for the year to 31 August 2018, compared with £123.6m the prior year.
The group said the decline was “primarily attributed” to reduced capital equipment spend from its UK supermarket client base during the year.
Operating profit fell from £13.6m to £12.4m, with AFE bosses insisting they remain committed to a focus on continual improvement and lean activities to underpin its profit achievements.
They also claimed that the “rapidly evolving” market landscape, particularly in terms of food-to-go and home delivery, would serve it well in future.
“The emerging trends and innovation in dining experiences offer a continued opportunity for business development and growth prospects in the year ahead,” they stated.
Annual accounts often throw up interesting titbits of information, such as the payment of a £350,000 grant to Falcon by Scottish Enterprise over five equal instalments.
Grant income of £210,000 is included within AFE Group’s income statement after the Stirling-based cooking brand – which marks 200 years in business this year – successfully met targets around capital spend, safeguarding jobs and implementation costs in respect of new product introductions.
Turnover: £121.22m (-2%)
Operating profit: £12.42m (-9%)
Employees: 1,233 (1,260)
Directors that served during the year: T Smith, V Rallo (resigned 05/18), M Anastasia (resigned 05/18)
Ownership: The company is a wholly owned subsidiary of Ali Holding s.r.l
Financial year end: 31 August 2018