BICO profits up

BICO profits up
09 Mar

Executive Chairman of BICO, Edwin Thirlwell says the ice cream company was fortunate to have business interruption insurance following the unfortunate 2009 fire that affected its production.

Thirlwell puts the cost of the blaze at over 14 million dollars.

Loss adjustors however later managed to reduce the claim by 3.3 million dollars and the company was awarded 11.2 million in the Supreme Court.

Last year despite a challenging economic environment, ice cream manufacturer, BICO is recording growth.

The company is even making waves in an area it is not known for.

BICO Limited managed to almost double its income during the last financial year.

The company recorded a seven percent increase in overall sales for the financial year ending September 30th 2016.

Its Food Service Division according to the company was its star performer.

Ice cream sales increased by six percent and its food services by 16 percent.

BICO recorded a 98 percent increase in net income after tax, also improving earnings per share by 94 percent.

Net income for that financial year was $714,330

Executive Chairman Edwin Thirlwell while reviewing the period says it was both challenging and rewarding.

Though BICO's Harbour cold storage revenues were down by three percent, Mr Thirlwell sees it as an asset to the company with huge potential.

As BICO makes in roads with respect to supplying pastries, Mr Thirwell suggests it cannot survive in the future as just an ice cream company.

The contribution of staff over the years was recognised.