Tangerine Group has rewarded 57 employees with a share in a £400,000 bonus pot after posting healthy results.
The Fylde-based business, which comprises animal health and nutritional brands VetPlus, Agri-Lloyd and Farmsense, as well as the Mill Farm Sports Village leisure complex in Kirkham, said turnover increased from £34.8 million to £37.4m, with pre-tax profit slightly down at £7.4m.
As well as the bonus, more than 80% of the profits will be reinvested back into the business to support product innovation, overseas expansion and significant upgrades in its manufacturing facilities.
Its profit share scheme, awarded for the 16th consecutive year, benefits those with more than two years of service. Those who have been with the business the longest received up to £10,000 in their October paycheque.
Chairman David Haythornthwaite said it is important to recognise the significant role that his employees make to the overall success of the business.
“I am pleased that once again we are able to share the company’s profits with our colleagues as a reward for their valued contribution to our business success, particularly during these challenging times,” he said.
“We’ve continued to expand across the globe and it is great to see that the number of people who have received a profit share bonus this year has risen by 19%. We hope to continue to see the same level of success in the coming year.”
Earlier this year, the Tangerine Group also became one of the first companies in the UK to introduce an additional cost-of-living payment to help them with the increase in energy and fuel costs.
Steve Collier, who has been an employee of the business for 22 years, said: “The profit share bonus is a fantastic incentive for us at Tangerine. I’ve worked here for a long time and have seen the business grow from a small team operating out of a farmhouse to what it is today.
“It’s fantastic that the business has remained in Lytham and employs and rewards people from the local area.”