London-based caterer Vacherin has seen turnover grow by 33% in its second full year under a new management structure.
Revenue reached £26.2m in the 12 months from September 2017, exceeding the predicted 20%. The caterer won eight new contracts in the period, providing an annual turnover of more than £2.6m.
The caterer said that contract retention allowed operating profits to keep pace with turnover growth, despite an estimated bad debt provision of £105,000 as a result of the collapse of construction giant Carillion, for who Vacherin operated one contract.
Vacherin restructured and expanded its senior team in 2016 to prepare for future growth. The changes saw a number of new appointments as well as the move of Mark Philpott from managing director to chairman, and Phil Roker, from commercial director to the managing director role.
Roker said: "We are thrilled with these results. The head office appointments we've made have enabled us to remain committed to our clients and core values, while benefiting from consistent growth. Our other key performance measures including contract and staff retention, turnover and cash generation remain extremely robust."Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).