Tangerine Group profits soar to £2.2m
FYLDE-based animal health and veterinary products specialist Tangerine Group has announced record profits.
For the year ended June 30, sales increased by 5% while profits increased 7% to £2.2m.
Chairman David Haythornthwaite said it had been another record year for the Lytham St Annes company, driven by its continued expansion outside the UK.
“Whilst the agricultural sector has been and continues to be challenging in the UK, the veterinary division continues to surge ahead,” he said. “New markets in Asia continue to fuel growth and our partners in Korea and China are performing particularly well.
“This coupled with our own subsidiary expansion plans means that exports have increased by 10% for the year.
Haythornthwaite said Tangerine was currently planning to open its fourth wholly owned subsidiary in Atlanta Georgia in the USA in February.
He continued: “America is a country I love having lived there in the late 80s and early 90s and what I learnt during that time will help us in our new venture.
“Although America is a huge market many UK companies fail to understand the sheer enormity of it, and the cost of doing business, which is why many of them including high profile names such as Tesco and M&S fail.
“We intend to start in one area and slowly branch out. It may take us 10-15 years to get total coverage but were not in a rush so we can take our time and do it right.”
The new venture will be led up by Zach Cunningham and Melissa Davies who have both come through the Tangerine Holdings Management Trainee programme.
He addded: “Both these two young managers have been with us less than three years and now they have been given a once in a lifetime opportunity and I have every confidence in their ability to deliver.”
