Animal nutraceutical manufacturer Tangerine Group, owner of the VetPlus, Agri-Lloyd and Farmsense brands, has announced record turnover and profit for the financial year ending June 2021.
Turnover grew by 27% to £35.7m and pre-tax operating profits by 58.3% to £9.5m during the period, with revenue increases driven chiefly by higher levels of global pet ownership and significant growth in the Asian markets, the company reports. Tangerine Group has exclusive partners or subsidiaries in 42 countries around the world.
Founder and chairman David Haythornwaite said the majority of the profit has or will be reinvested back into the business to support product innovation, overseas expansion, and significant upgrades in its manufacturing facilities.
He said: “Covid-19 presented many challenges and some companies were fortunate to benefit. 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.
“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.”
