Although it has belonged to the American-based Middleby Corporation for the past eight years, Lincat is still very much a British catering equipment business at heart and is afforded a level of autonomy to achieve growth.
Operating out of Lincoln, it has almost 180 production staff involved in a manufacturing a whole range of cooking and beverage equipment that goes onto be installed in cafes, bars and restaurants up and down the land.
Turnover growth at the company slowed to 0.5% in 2018 – versus 13.5% the year before – as it ended the period with sales of £44.5m, but that was more than offset by improved profitability.
After deducting overheads of £10m, Lincat posted an operating profit of £12.4m, representing an increase of £1.4m year-on-year.
In its annual report, directors of the business said it has an “ambitious target” for EBITDA growth in 2019, which they are confident of achieving.
This is being heavily fuelled by increased investment in R&D, which remains a key part of the future growth strategy.
Already this year, Lincat has launched a range of high-speed ovens under the Cibo brand, strengthened its water boiler portfolio, added a new four-zone induction oven range to its no-frills Phoenix series and agreed product licensing deals with Synergy Grill and Sous Vide Tools.
Lincat’s immediate sister company IMC – which also now incorporates Britannia Kitchen Ventilation – files its accounts separately but if you include its 2018 contribution then together the two entities collectively represent more than £55m in annual sales.Vital Statistics
Turnover: £44.53m (+0.5%)
Operating profit: £12.35m (+12%)
Employees: 250 (249)
Directors that served during the year: J Dove, A Elsigood, C Jones, J White
Ownership: The ultimate parent company is The Middleby Corporation, incorporated in the US.
Financial year end: 31 December 2018