End Of Year Report 2009/2010
"Some things haven’t changed; our company core values of Passion, Integrity and Teamwork remain, as does our commitment to being the best provider of food and service in the industry. Our growth and performance in 2009/10 demonstrates that our core values are the things that clients and partners seek and trust when outsourcing their services. We must continue to keep these values uppermost in our thoughts and put food and service at the centre of everything we do. I thank our teams on behalf of all of the directors for all the hard work and effort over the last year. I look forward to this year being every bit as successful as last year."
Jim Lovett
Director
Waterfall Services Limited
End of Year Report
Without doubt 2009/10 was a challenging year for every business. The impact of the recession following on from a period of high food price inflation had a massive impact on all contract catering businesses and every company in our industry had to take steps to mitigate spiralling costs and limited new business opportunities.
Despite the economic challenges of the market 2009/10 was another excellent year for both Taylor Shaw and Caterplus. We successfully finished the operating year having achieved our budget targets and met all of our banking requirements and covenants.
Overall our turnover closed at £35m (it was £9m in 2007) and whilst the volume of new business slowed towards the end of the year our projected growth levels were significantly boosted by the award of our five year contract for all of the Jewish Care business – an additional £6m a year – the full impact of which we should see next year. In addition to new business our year on year core business improved by 20% in Caterplus and 26% in Taylor Shaw, a reflection on the excellent job everyone is doing in all of our units.
A downside this year has been the effect of inflation impacting on our company operating margins. Overall we saw a 0.4% reduction in our margin percentage. Our aim in 2010 is to correct this trend, by focusing on operating costs, procurement processes and food management.
Our other aims for 2010/11 are no less ambitious. We have committed significant investment in our Food Services Division – headed by Tony Barrett. This team has a remit of driving up quality whilst improving the efficiency of our food management in all areas of the company. This will help with contract retention and operational performance. We are still seeking strong organic growth and this is reflected in our approach on brand and offer development and investment in additional sales resources. Finally we have committed to investment in our people. We have initiated pay awards at a time when most businesses are reducing or freezing pay levels for front line staff, we have established structured training and development plans at all levels and where possible we are committed to recruitment internally to any vacancies – enabling more people to progress within the business.
2009/10 saw many changes. We moved Caterplus from its office in Watford which we had outgrown and opening a new base in Milton Keynes. In Warrington we expanded our Head Office, implemented a new financial accounting system capable of supporting our growth plans and established an in-house payroll department to support our 2,500 staff. Sadly we also lost one of our shareholders, Ian Clementson, who died in March following a short illness. Ian was a true gentleman of our industry and will be greatly missed.
Some things haven’t changed; our company core values of Passion, Integrity and Teamwork remain, as does our commitment to being the best provider of food and service in the industry. Our growth and performance in 2009/10 demonstrates that our core values are the things that clients and partners seek and trust when outsourcing their services. We must continue to keep these values uppermost in our thoughts and put food and service at the centre of everything we do. I thank our teams on behalf of all of the directors for all the hard work and effort over the last year. I look forward to this year being every bit as successful as last year.
Jim Lovett
Director
Waterfall Services Limited
Posted on: Monday, 17th May 2010
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