Northumberland equine bedding and sustainable heat log manufacturer Bedmax is toasting a 20% rise in revenues following a year of investment.
Bedmax – a subsidiary of Pensave Limited – started life on a family farm in Belford 23 years ago and was the first UK business to produce tailor-made, dust-free shavings for horses. The company, which operates from four production units in the UK, sells its shavings, pellets and biomass heat logs to customers throughout Britain as well as 18 countries around the world, and has also supplied its horse bedding for use in the Tokyo Olympic stables and other prestigious events including Burghley Horse Trials, Badminton Horse Trials, and The Festival of British Eventing at Gatcombe Park.
The Northumberland business, which has 62 employees, has now published accounts showing a 20% rise in revenues for the year ending March 2023, from £17.4m to £20.9m, while also converting last year’s operating loss of £234, 816 to profit of £271,405. It also chalked up Ebitda (earnings before interest, taxes, depreciation, and amortisation) of £1m, almost double the 2022 figure of £564,822.
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In the accounts, directors highlight heavy investments into its product range, as well as a firm focus on sustainability. The document says: “During the year the company continued to make significant investments in both plant and machinery and research and development. Operational excellence has progressed through all areas of the company and the benefits can be seen clearly. The result is an improved product measured in terms of sustainability, quality, output and efficiency.”
The company, which holds two royal warrants and the British Equine Association’s NOPS accreditation, said energy costs and the weather were factors that can affect performance.
It said: “The cost of energy remains volatile and may adversely affect gross margin, we monitor these costs closely. Furthermore the long term availability of some energy sources may be adversely impacted, albeit this is partly mitigated by long term relationships with key suppliers. In addition, the weather in the UK is a significant factor in determining the level of horse bedding sales. The company sells less bedding during periods of dry and mild weather.”
Directors added how the company is working to reduce its carbon footprint, and how it works together with suppliers, customers and local communities “to achieve this and to help deliver a more sustainable future”.
It added: “The company acknowledges the importance of sustainability and the impact of its operations on the environment. Working with Planet Mark it continually reviews its practices and has introduced ways to improve its production processes and operating procedures to minimise its carbon footprint. As a Planet Mark certified business, an annual carbon audit is completed, and in 2022 Bedmax reduced its carbon outputs by more than 14%. Whatever cannot be recycled is either recovered, reused, or disposed of responsibly. Bedmax operates in a socially responsible manner, leading by example in sustainable best practice within the equine industry.”
