Animal products firm achieves record results following rise in pet ownership
Tangerine Group, the Lytham-based manufacturer and exporter of animal health and nutritional products, has published record results for the year ending June 2021.
The family-owned business, founded by current owner and chairman, David Haythornwaite, achieved a 27% increase in turnover and a 58.3% rise in pre-tax operating profits.
The firm, which manufacturers products under the VetPlus, Agri-Lloyd and Farmsense brands, has grown consistently over its 27-year history and the latest results represent its most successful year-to-date, with revenue growth driven by higher levels of pet ownership globally, and significant growth in the Asian markets where it has a strong on-the-ground presence in the region.
Turnover increased from £28.1m to £35.7m, and pre-tax profit from £6m to £9.5m, the majority of which has, or will be, reinvested back into the business to support product innovation, overseas expansion, and significant upgrades in its manufacturing facilities.
Mr Haythornwaite 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.”
He added: “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.”
Tangerine Group has a global presence with exclusive partners or subsidiaries in 42 countries.