AFE Group is the Ali Group-owned trading business that operates a collection of foodservice, catering and bakery equipment brands, namely Falcon, Williams, Mono, Miller’s Vanguard and Serviceline.
As individual accounts are not published for these companies, we have to take the group sales figure, which reached £118.2m for the year to 31 August 2016, a 0.7% decline on the previous period.
UK manufacturing has come in for a pounding in recent years, but both Falcon, which produces heavy duty cooking equipment at its plant in Stirling, and Williams, which builds refrigeration systems at its factory in King’s Lynn, continue to demonstrate that the UK model can be a recipe for growth if properly executed.
In its strategic report of the business, AFE management said that the company’s financial goal is to improve the operating profit before amortisation and return on sales to a 15% target, led by strategic product development and through cost-effective and efficiency improvements realised across the five brands, each of which is resourced with its autonomous management and leadership teams.
Note that two-thirds of AFE Group’s business (£84m) comes from the sale of equipment, while the rendering of services, driven by Miller’s Vanguard and Serviceline makes up the rest.
2016 Vital Statistics
Turnover: £118.27m (-1%)
Operating profit: £15m (Flat)
Ownership: The company is a wholly owned subsidiary of Ali S.p.A
Financial year end: 31 August