Animal health and nutritional brand business Tangerine Group has rewarded 57 of its employees with more than two years of service with an annual profit share bonus.
The staff have shared a £400,000 bonus pot, with those who have been with the organisation the longest receiving up to £10,000 in their most recent pay check. This is the 16th consecutive year that Tangerine Group has rewarded its workforce with a bonus package to thank them for their contribution to the business’ growth.
In the past year, the group’s turnover increased from £34.8 million to £37.4 million, with its pre-tax profit standing at £7.4 million. More than 80% of its profits will be reinvested back into the business to support product innovation, overseas expansion and significant upgrades in its manufacturing facilities.
David Haythornthwaite, chairman of Tangerine Group, said: “I am pleased that once again we are able to share the business’ profits with our colleagues as a reward for their valued contribution to our business success, particularly during these challenging times. 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.”
Steve Collier, who has been an employee of the business for 22 years, added: “The profit share bonus is a fantastic incentive for us at Tangerine. It’s fantastic that the business has remained in Lytham and employs and rewards people from the local area.”
As well as the profit share bonus the group introduced an additional cost of living payment earlier this year in order to support its workforce with the energy and fuel costs increase.