Pet ownership surge boosts Tangerine sales
The rapid growth in the number of people owning pets which occurred during lockdown restrictions has resulted in record sales and profits for the Tangerine Group.
The Lytham company manufactures animal health and nutritional products under the VetPlus, Agri-Lloyd and Farmsense brands.
It has now reported a 27 per cent increase in turnover, from £28.1m to £35.7m, and 58 per cent increase in pre-tax operating profits, from £6m to £9.5m, for its financial year ending June 2021.
The results, which have also been boosted by improving sales in Asia, has resulted in the company's best year in its 27-year history.
David Haythornthwaite, owner of Tangerine, said: "Covid-19 presented many challenges and some companies were fortunate to benefit and others not so. In our case, the increased love of pets during lockdown led to a huge increase in pet ownership which obviously had a knock-on effect. This past year has, once again, highlighted the importance of controlling your manufacturing process from start to finish.
"I’m incredibly proud of the team across the Tangerine Group for this achievement. We continued to operate throughout the Covid-19 pandemic without losing a single day’s production, and these results are testament to everyone who works within the business both here in the UK and across the world.
"We’ve grown every year since the business was established and have continually reinvested our profits back into our people, plant and processes to ensure we remain at forefront of our field. The Group’s success is based on having clear focus and a simple strategy which both our employees and distributors embrace. This, combined with our own in-house research and development, and state-of-the art manufacturing facility in Lytham, ensures we are well placed for future growth and expansion."