Telford food business enjoys £8.7m turnover boost

The company's latest accounts reveal that the Telford-based business, which was initially launched in 1982 to supply prawns to Chinese restaurants and other takeaways, achieved turnover of £90.4 million in the full year year to June 2014.

That reflected a 10.6 per cent rise on the £81.7 million which the company brought through its doors in the same period during the previous year, and came partly thanks to Ruskim opening a new depot in Livingston near Edinburgh in November 2013.

A large increase in the market price of prawns in the first half of the year also boosted the Stafford Park outfit's performance, the annual report reveals.

The strong turnover figure also allowed Ruskim to more than double its pre-tax profits, which increased from £555,000 to almost £1.2 million during the course of the year.

At the same time, the opening of the new depot also saw the company increase its staff numbers, which rose from 206 to 231 in 2014.

Managing director Bill Mooney said: "The increase in turnover was partly as a result of the opening of a new depot in Livingston in November 2013. There was also a large increase in the market price of prawns in the first half of the financial year which boosted turnover and we continued to broaden our product range and target markets.

"Gross profit increased to £13.6 million from the 2013 figure of £12 million, but this has been partially offset by the increase in both distribution costs and administrative expenses due to the opening of the new depot and the general cost base increasing to enable the distribution of a wider range of products to a diversified customer base."

The Livingston base was set up to serve existing customers in locations such as Inverness and Aberdeen, he said, but could later be expanded to serve the whole of Scotland with its range of goods.

Further plans are afoot for growth this year, he added, with the company's Warminster site in Wiltshire in line for a major investment and overhaul on the back of a strong recent performance.

Mr Mooney added: "The company continues to pursue a product diversification policy. It sees the sales of existing products to new markets and new products to both existing and new customers as a natural way to grow the business.

"The company will also pursue any acquisition opportunities in both similar and complimentary markets."

Sterling

Fluctuations in the value of sterling impact margins, he added, but the relative stability last year meant that impact was "not significant".

Ruskim was formed in Telford and in the 33 years since it has become one of the leading importers, distributors and wholesalers of seafood, meat and poultry in Europe.