Suttons Seeds records profit after management buy out

Suttons' first published accounts since its management buy out run for the eight months from December 1 2014 to the company's new year end of July 31 2015.

David Robinson
David Robinson

The management buyout was conducted in December 2014 and accounts published for the 17 month period from July 1 2013 to November 30 2014. They showed an operating loss of £2.9m

Audited accounts for the eight months to July 31 July show an operating profit of £500,000.

The first year’s management buy out business plan projected a £129,000 operating profit for the 12 months 1 July 2014 to 30 June 2015. The actual profit for this period is £203,000.

The 17 month published turnover to December 2014 was £18.8m. The eight month published turnover to July 2015 was £11.2m

The first 12 months projected turnover to July 2015 was £13.6m whereas the actual over this period was £14m.

Managing director David Robinson said the underlying gross margin for the published eight months appears to show a drop from 51.4 per cent to 43.9 per cent when compared with the previous 17 month published accounts.

Robinson said: "This drop is due to variations in seasonal product mix. The actual underlying product margin is showing a two per cent improvement to 53.4 per cent. This is due in large part to better stock forecasting, planning and the proactive management of discounting in the direct side of the business."

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