Southport-based Nationwide Produce, a family-run business renowned for its expertise in growing, importing, and exporting fresh produce, has announced an impressive financial upturn in its latest annual report.
Over the 12 months to 31 May 2024, the company achieved a 5.5% increase in revenue, reaching £186.3 million, while pre-tax profits soared by a remarkable 66% to £3.54 million.
This achievement is even more noteworthy given the backdrop of challenges faced by the fresh produce sector, including extreme weather in the UK and global supply chain disruptions.
The company, originally founded as Bernard O'Malley & Sons, is also reflecting on the loss of its founders, Bernard and Joan O'Malley, who passed away within days of each other. Their legacy lives on through their sons, with Tim O'Malley leading the business as managing director, supported by his brothers Patrick and Anthony as senior directors.
In a significant step towards future growth, Nationwide recently secured a £3.5 million loan from Lloyds Bank to expand its warehouse capacity in Evesham by 75%. This development bolsters its end-to-end involvement in the fresh produce supply chain, encompassing production, grading, packing, trading, importing, and exporting fruit and vegetables worldwide. Additionally, the company cultivates 550 acres of East Anglian land, specialising in root crops.
The past year has brought immense challenges for agriculture, with Tim O'Malley citing "unprecedented rainfall" in the UK and "drought conditions in southern Europe," coupled with disruptions from El Niño in South America. Despite these obstacles, Nationwide's procurement teams have shown resilience, successfully navigating volatile conditions to maintain supply.
A key shift in operations followed the collapse of joint venture partner AH Worth, prompting Nationwide to directly supply supermarket giants Aldi and Lidl. This transition has driven a £5 million investment in its Long Sutton site, underlining the company’s commitment to adapting and thriving in a competitive market.
Nationwide’s workforce of 218 employees plays a critical role in the company’s ongoing success. Directors' remuneration for the year totalled £2.8 million, with dividends amounting to £250,000.
As the company moves forward, its robust financial performance and strategic investments ensure that Bernard and Joan O'Malley's vision of a thriving, family-driven enterprise remains firmly intact.
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