September 20, 2012
Noble Foods reports pre-tax profit drop of 22% in 2011
UK egg producer Noble Foods described last year as a "very difficult" one for the egg industry as it recorded a 22% drop in pre-tax profits last year.
Noble Foods reported pre-tax profits the year to the end of September 2011 of GBP18.7 million (US$30.3 million), against GBP24.1 million (US$39 million) in the previous year, on sales up from GBP541.8 million (US$879 million) to GBP555.5 million (US$902 million).
The largest egg producer in the UK in volume terms and the producer of the Happy Egg and Big & Fresh brands, attributed the decline in profits to a "significant surplus" of eggs in the UK which depressed prices.
Cost of sales at Noble Foods also rose sharply owing to higher feed prices.
