Lexington reports 11% sales spike for 2014
Lexington Catering saw an 11.2% spike in sales to £36.9m (2013: £33.2m) for the 12 months to 31 December 2014, the year it was acquired by Elior UK.
Pre-tax profit fell by almost a third (27%) from £1.5m to £1.01m, according to documents filed at Companies House, while management support and overheads increased to £3.5m during the period, which the company attributed to continued investment in infrastructure and client support.
The caterer reported no debt or overdraft facilities and said its balance sheet had continued to improve with net current assets now £2.8m, up from £2.3m.
Lexington's strategic report indicated a positive outlook for the business, with ample new business prospects on the horizon.
It said: "In the City there is much construction underway with new buildings being completed along with existing and potential clients on the move providing fresh opportunities for employee feeding, hospitality and also reception services.
"We operate in a vibrant market place and there remain excellent opportunities for further growth."
The directors' remuneration totalled £688,330, up from £652,100, while the highest paid director at Lexington took home £145,197 in 2014, up from £126,500 in the previous financial period.
French-owned contract caterer Elior bought Lexington on 1 October 2014 for an undisclosed sum.
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