Thatchers Cider has reported a rise in profits and sales in its latest end-of-year results.
The family-run business, which has been producing cider in Somerset at its Myrtle Farm base in Sandford since 1904, reported for the year August 31 2022, Thatchers Cider had a turnover of £155.5m compared to £126.2m the year before. Pre-tax profits increased from £14.2m to £16.8m.
Directors believe the company is well positioned to continue to grow with its "continued emphasis" on the production of premium ciders. Thatchers sells its ciders throughout the UK, as well as in over 25 countries internationally.
Best known for its brands including Thatchers Gold and Thatchers Haze, the company introduced two new innovations during this period, which bosses credit for the increase in profits. Thatchers Blood Orange Cider became the biggest cider launch of 2022, with the drink also ending up in pubs and bars as one of three flavours available in the Fusion Font range.
Read more: South West vineyards perform well in The WineGB Awards 2023
In a statement on London Stock Exchange Thatchers said that it would continue its investment in plant and machinery. During the year £12m was invested in its production facility, a £10m rise on 2021, and a further £14m was committed in the construction of an automated warehouse system.
Bosses said that this sustainably built warehouse will allow the company to "reach the highest levels of efficiency" in its logistics operations, whilst providing increased on-site storage capacity to meeting customer demand. The company also hopes this will see a reduction of journeys made lorries.
Managing director Martin Thatcher, a fourth generation Thatchers cider maker, said: "The dynamic of the cider market has continued to change and it's therefore been more important than ever to continue investing in our people, our products and nurturing close customers relationships.
"We have continued to see a disrupted market due to the continuing effects of Covid‑19 challenges and staff shortages, particularly within the hospitality industry, and more recent, highly challenging effects of rising inflation, energy costs and the cost‑of‑living crisis.
"This makes us more determined than ever to retain our focus on producing premium ciders in a sustainable way that represent value for money for our consumers."
Why not sign up to get the latest South West business news straight to your inbox.
