This is how Chicken Tonight owner Symington’s became profitable again

Chicken tonight owner Symington’s has moved back into profit after an increased focus on own-brand products and international growth.
David Cox, chief executive of Symington's.David Cox, chief executive of Symington's.
David Cox, chief executive of Symington's.

The Leeds-based group made a £3m loss in 2019 after exiting from licensed manufacturing agreements with Ainsley Harriott and Golden Wonder.

According to accounts filed at Companies House, Symington’s made a £2.7m profit in the year ended August 30, 2020. Earnings before tax, interest, depreciation and amortisation (EBITDA) increased by 17.5 per cent to £9.6m, while revenues rose 4.2 per cent to £114.2m after falling 8.9 per cent last year.

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The group, which employs over 900 staff in Leeds, Bradford and Consett, makes Mug Shot, Naked, Chicken Tonight, Ragu and Twistd as well as own brand food for retailers.

In 2018, it decided to exit from licensed manufacturing agreements which it said resulted in a planned drop in EBITDA.

David Cox, who joined as chief executive in November 2019, said: “Removing dependency on producing brands under licence for others and focusing on investing, innovating and growing our brands and own-brands in partnership with retailers, was the right strategic move for the business. This, combined with a near doubling of our export sales, has helped deliver this performance.”

International sales have grown from £4.9m in 2019 to £8.6m this year. It cited a strategic partnership formed with Walmart as a notable success with an initial five listings for Naked products last year growing to 24 products across Naked and Twistd this year.

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Mr Cox said: “Our vision is to be a player in ambient food, the largest food category in UK grocery, operating across quick meals, pot snacks and soups; cooking sauces and meal accompaniments; baking and holistic health in our business.

He added: “We have a compelling three-year strategy to deliver sustainable, profitable growth by focusing on core brands.”

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