Bill Toner, CEO of CH&Co Group, said: “We’re very pleased with these first results. The merger of CH&Co Catering Limited with Host Catermasters has allowed the enlarged group to target all sectors across the UK and Ireland, enabling it to succeed in this highly competitive industry.
“As expected, strategically and operationally, the merger has proven to be an excellent fit because both businesses are high quality caterers with the same client-focused culture and business ethos.
“Being the first period of trading for the new group, there are no comparative figures but post-merger, the businesses have continued to perform well; client retention is in excess of 97% and we have had a number of significant new contract wins. Pleasingly, in a time of significant change post-merger, staff turnover has remained well within industry expected levels.”
In this first period of trading, the effects of the merger costs and non-cash intangibles amortisation resulted in a retained loss of £2.7 million. Operating cash flows were strong with an overall increase in cash of nearly £1.8m.