There has been a 30% drop in Kellogg Company of Great Britain’s pre-tax profit as reported in its annual financial statement. This follows a 90 jobs cut in 2015.
The cereal manufacturing firm’s sales dropped 10%, down to £135M from £150M in the year ending 2/1/2016. The drop in the pre-tax profit from £21M to £15M was mainly attributed to a £10M pay-out on job cuts at one of the company’s Wrexham factories in November last year.
According to the statement published by Kelloggs on October 5th, 2016 the 90 job cuts included 51 redundancies in administration and 39 in production. The firm’s total workforce fell from 985 to 895 resulting in a drop in staff wages and salaries from £53,000,000 to £40,000,000.
Kellogg directors reportedly expect the present level of business to be maintained “for the foreseeable future”.