Higgidy Pie Brand Records Period of Growth

Higgidy Pie Brand Records Period of Growth

Increased revenues have been recorded at handmade pie and quiche brand Higgidy. The company described its latest financial year as a “period of growth” following consolidation and brand investment. However, the capital expenditure as well as one-off costs pushed the business to a pre-tax loss.

In the year to 30 September 2018, newly filed accounts revealed a turnover of £25.5 million, up from 12 months earlier when it recorded £23.8 million. The hike, according to the company, was driven by innovation and new product development.

In the 2017/2018 period, Higgidy invested in its Shoreham-by-Sea base, spending more than £386,000 on plant, machinery and leasehold improvements. During that period, the accounts revealed the business made an operating loss of £90,000 compared to a profit of £888,000 in 2017. It is also worth mentioning that  2017’s figures were bolstered by a £1.5 million depreciation charge reduction.

Higgidy said the operating loss was down to “heavy investment in product innovation” and a “further significant one-off expenditure” of £177,000. Moreover, the price of ingredients also increased and the business refused to pass that on to customers.

In a statement filed with the results, Higgidy said: “We anticipate to continue to improve our profitability into the next year with continued investment in operational efficiencies.” In total, the pre-tax losses for the year were £180,320 compared to a profit of £816,698 in the previous period.

Higgidy was founded in 2003 and is headquartered in Shoreham-by-Sea, West Sussex.

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