UK: Inter Link Foods posts higher profits, turnover
UK cake maker Inter Link Foods has reported a 30% rise in full-year profit before tax and said it was confident about the year ahead.
The company posted profit before tax of £3.9m (US$7.26m) for the year to 7 May 2004 compared to £3.0m in the previous year. Turnover rose 35.5% to £69.6m.
Inter Link Foods said its fifth successive year of record turnover, profit and earnings was particularly notable due to increases in raw material prices that have affected the input costs of food manufacturers during the year.
The company's performance was boosted by recent acquisitions of Soreen and Hoppers bakery. Inter Link Foods also won a licence to produce Disney small cakes.
Since the start of its new financial year the company has launched three new lines under the Disney brand and 24 under private labels.
"Our factories have been exceptionally busy, and in the first eight weeks sales show 16% growth like-for-like and 31.2% including Hoppers. This provides us with considerable confidence for the year ahead," the company said.
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