Pandemic pet ownership rise boosts Lancashire firm’s profits

A global rise in pet ownership during the pandemic has boosted the profits of a Lancashire animal health product firm.

By Tim Gavell
Tuesday, 14th June 2022, 12:30 pm
Updated Tuesday, 14th June 2022, 1:39 pm

The Tangerine Group, has announced another year of record growth and profits, with a 27 per cent increase in turnover and pre-tax operating profits up by 58.3 per cent for its financial year ending June 2021.

The family-owned business, founded by David Haythornwaite, makes and exports animal health and nutritional products, marketed under the VetPlus, Agri-Lloyd and Farmsense brands.

It has grown consistently over its 27-year history and the latest results represent its most successful year-to-date, with revenue growth driven by higher levels of pet ownership globally, and significant growth in the Asian markets where it has a strong on-the-ground presence in the region.

David Haythornthwaite has seen his Tangerine Group's profits and turnover rise

Turnover for the Lytham-headquartered group, increased from £28.1m to £35.7m, and pre-tax profit from £6m to £9.5m.The majority of which has or will be, reinvested back into the business to support product innovation, overseas expansion, and significant upgrades in its manufacturing facilities.

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Chairman and owner David Haythornwaite said: “COVID-19 presented many challenges and some companies were fortunate to benefit and others not so. In our case, the increased love of pets during lockdown led to a huge increase in pet ownership which obviously had a knock-on effect. This past year has, once again, highlighted the importance of controlling your manufacturing process from start to finish.

“I’m incredibly proud of the team across the Tangerine Group for this achievement. We continued to operate throughout the Covid-19 pandemic without losing a single day’s production, and these results are testament to everyone who works within the business both here in the UK and across the world.

Tangerine Group has seen a 27 per cent increase in turnover and pre-tax operating profits up by 58.3 per cent in the past year but found time to give a £40 a week bonus to many staff in the cost of living crisis

“We’ve grown every year since the business was established and have continually reinvested our profits back into our people, plant and processes to ensure we remain at forefront of our field. The Group’s success is based on having clear focus and a simple strategy which both our employees and distributors embrace. This, combined with our own in-house research and development, and state-of-the art manufacturing facility in Lytham, ensures we are well placed for future growth and expansion.”

Tangerine Group has a global presence with Exclusive Partners or Subsidiaries in 42 countries. It manufactures all its products in purpose-built, state-of-the-art facilities in Lytham.