Historic family firm Ringtons has toasted a rise in revenues and continued profitability, as customers carry on stocking up on its teas and treats.
But the Newcastle business – famed for its doorstep delivery service around the UK – has warned that increasing costs are impacting current trading. Established in 1907, Byker-based Ringtons imports and packs tea for a host of private customers including major supermarkets, while also selling its own range products in shops, online and through its fleet of 229 traditional delivery vans.
Having navigated the pandemic, aided by customers buying Ringtons goodies to keep them going through lockdown, the company has now issued accounts for the year ended June 2022 which continue to show strong trading. Turnover rose 8.3% at the business, from £65.2m to £70.6m, and operating profit dropped just 0.4% from £4.59m to £4.57m, driven by a mix of higher volume sales and higher retail prices across most of its products. Total shareholders’ funds rose by the year end from £29.6m to £31.5m.
