Spaldings Limited

date the business was acquired by Twinings BidCo Limited, a holding company whose principal shareholders are Inspirit Capital of 105 Piccadilly London W1J 7NJ and the executive directors. Review of business The directors consider the three most important key performance indicators to be turnover, gross margin and operating profit. Turnover for the 9-month period was £18.5m (year ended 31 March 2023-£24.7m). Market and climatic conditions were challenging throughout the year with farm incomes improving with high commodity prices, albeit marginally offset by high input costs. Overall turnover increased by 0.78% against the corresponding 9-month period 2023. Gross profit for the 9-month period was £7.9m (year ended 31 March 2023-£9.7m). Improving market share, coupled with supply chain stability, and continued stringent pricing management resulted in an improvement in gross margin levels for the 9-month period 42.9% (year ended 31 March 2023-39.6%). For the 9-month period, EBITDA increased significantly. After financing and other non-trading costs, PBT was £223k. (year ended 31 March 2023-£795k Loss). This report was approved by the board of directors on 7 May 2024 and signed on behalf of the board by: