UK: Canterbury Foods turnover down, profits rise
Meat and pastry product company Canterbury Foods has reported a fall in turnover from its continuing business to £48.6m (US$92.6m) in the year ended 31 December 2004, from £49.4m in 2003.
The reduction was mainly due to exiting some non-profitable bought in business, the company said. Group turnover fell by 56.7% to £48.6m, from £112.3m the previous year, reflecting reflects the disposals in 2003 of the Spacehire vegetable and storage business and the Meat Trading Division.
Group operating profit before goodwill amortisation was £1.4m compared to £0.5m last year. This is an increase of £1.2m on the continuing business which made £0.2m last year.
"2004 was a tough year for Canterbury Foods Group plc, particularly due to raw material inflation completely outside the industry's control, but it was also a year of solid achievements," said chairman Christian Williams.
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