The 12-month period saw the firm undergo a major business restructure aimed at creating a “more efficient and productive supply chain”.
This included the closure of two processing sites and the creation of a new ‘added value’ facility.
According to the firm’s results on Companies House, Avara incurred £11.6m in restructuring costs, while administrative expenses totalled £39.8m.
Revenue also fell to £1.33 billion from £1.51 billion the year prior, with gross profit down by more than £40 million.
This translated to a £49.4 million loss after tax, a significant change from the £12.76 million loss the firm suffered in 2022/23.
Commenting on the results, Avara CEO Andy Dawkins said: “2023/24 was planned to be a year of change, but it was necessary to position us for the future. We are already reaping the benefits in financial performance in FY25 which is running in line with expectations.
“While closing facilities and losing valued colleagues is never easy, we did this in the right way in line with our strong values. I am heartened by the opening of our new facility at Wednesbury which has grown quickly on the back of strong customer support.”
Despite the headline figures, Dawkins said that the changes are beginning to have an impact.
“The hard work done on streamlining the business is now bearing dividends, putting us on track in a market where welfare, affordability and availability are all key priorities as we head into a time when UK food security and production will be more important than ever,” he added.
Elsewhere, Avara is still subject to legal action over its role in the pollution of the River Wye and its surrounding area.
Law firm Leigh Day launched the claim in March 2024 and has argued that the firm’s operations are the “overwhelming cause of phosphorous pollution” in the region.
In response, a spokesperson for Avara said: “This is a year-old, opportunistic attempt to profit from a serious environmental issue. It has no merit and is not supported by evidence or expert opinion.”
