Waterfall Services tucks in to higher profits
GROWTH hungry contract catering company Waterfall Services has seen profits pass £1m for the first time, and believes it will make further progress this year.
Accounts posted at Companies House show profits at the Warrington firm rose 22.5% to £1.05m as turnover rose 4.7% to £48.7m in the year to the end of March.
Waterfall Services owns education catering specialist, Taylor Shaw, and aged care and welfare sector supplier Caterplus, and employs more than 3,000 people nationwide.
Growth at the private equity-backed company this year will be boosted by the acquisition of Pro Serv Corporate in August, which gave Taylor Shaw a presence in the South West for the first time.
Managing director, Jim Lovett, said: “Last year was a strong one for Waterfall Services. We worked hard to re-secure a number of long term contracts and we have seen substantial wins in our new business helping us deliver strong growth, despite some challenging economic conditions.
“While there is the ever present threat of food price inflation we have been able to take advantage of the increasing demand for high quality, freshly prepared, nutritious meals in both the sectors in which we specialise.
“At the same time, we were able to expand our footprint across the country, in both the south west and Scotland and are well positioned to improve our profitability and paving the way for further growth this year.”
As well as buying Somerset-based Pro Serv, Taylor Shaw has expanded its reach in the primary schools sector by sealing long term contracts in County Durham, Sheffield, Brent and Stockport with estimated annual values in excess of £10m-a-year.
Caterplus has made progress too and has won orders from Hanover Housing, Peveral Care and retirement homes provider McCarthy and Stone.
Mr Lovett added: “The Extra Care market is in the middle of a rapid growth phase. We have been very successful in developing relationships with a number of national providers to become their caterer of choice.
“The traditional model of care home provision is changing and we have been quick to react to this changing requirement for catering of this client group.”