Organic growth and roll-out expansion by major food chains contributed to Welbilt posting a record set of results in the UK last year – continuing its run as one of the sector’s most profitable businesses.
The manufacturer – owner of brands such as Merrychef, Convotherm and Garland – increased turnover by 13% to £96.1m for the 12 months to 31 December 2018.
Net profit expanded 56% from £15.9m to £24.8m, according to accounts filed with Companies House.
Welbilt said that as well as the strong customer growth, it benefitted from continued investment in new products following a series of key product launches.
Analysis of the results suggests the business has benefitted significantly from strong export sales, most likely its Merrychef ovens, which are made in the UK.
Welbilt’s turnover from the UK actually fell from £44m to £38m year-on-year, but an increase in business from shipments to EMEA (up £10m), Asia-Pacific (up £1m) and North America (up £4m) bolstered its top line.
The company also revealed that it has put in place a team of senior leaders to oversee the aspects of its business most likely to be impacted by Brexit.
“We have addressed the areas significantly impacted by Brexit to mitigate identified risks where possible. As an example, we are increasing holding of both finished good stock and component stock.”
Welbilt employs around 280 staff in the UK, with its head office based out of Guildford in Surrey.