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Business

Frozen ready meal retailer and manufacturer Cook based in Sittingbourne sees pre-tax profits grow by 39% to 2.4m in year to March 31, 2014

By: Chris Price

Published: 08:00, 28 October 2014

Updated: 10:46, 28 October 2014

A frozen food retailer and manufacturer saw pre-tax profits grow by nearly 40% to £2.4m in a record year for the company.

Cook, which runs 77 branded shops selling meals prepared at a kitchen in Sittingbourne, watched its turnover soar to £35.8m in its end-of-year accounts, up from £31.9m.

The company saw its total sales grow by 12%, with like-for-like sales in shops open for at least a year up 3.2%.

Cook's chicken, ham and leek pie

The firm also runs a national home delivery service and has branded freezers in more than 350 independent shops in the UK. Its fanchise and concessions business grew 21% and 12% respectively.

For the year up to March 31, earnings before interest, tax, depreciation or amortisation were £3.25m.

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The company – officially called Cook Trading Ltd – described its kitchen on Eurolink Way, Sittingbourne, as “the beating heart of the business” following the development of 120 new lines during the year and 11.3m portions – both record figures.

The firm’s profitablility was aided by savings made in this part of the business of about £177,000.

Cook co-founders Edward Perry, right, and Dale Penfold

Overheads were reduced marginally 35.6% to 35.4%, down from a peak of 38.4% in 2008-09. However, the firm acknowledged its retail salaries remain “significantly above budget”.

The firm closed three under-performing stores during the year and opened five – one company-owned and four franchises.

After the year end, the company acquired its biggest external supplier Liz Dove Limited, which has been making the firm’s puddings for the last 14 years. Cook was its only customer.

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