UK: Interlink Foods profits up 20.7%
The UK manufacturer of private-label, branded and licensed cakes Interlink Foods yesterday (11 July) posted a 20.7% rise in annual profits to GBP7.1m (US$13.06m) on the back of turnover of GBP130m, up 32.5%.
With over 254 new products launched in the year the company increased production with the opening of two new factories. Like-for-like sales grew 9.9% in the period and EBITDA, before exceptional costs, increased by 36% to GBP13.3m.
Alwin Thompson, executive chairman, commented: "We have been building on our core strategies - consolidation of manufacturing units, reinforcing our position as a one stop shop with customers through efficient low cost production and developing growth through a combination of organic and acquisition investment."
These positive results caused the share price of the UK's number-two cake manufacturer to rocket, rising 14.3% by close of trade yesterday. The rise has continued but leveled off throughout the morning, up 2.4% to GBP3.84 at time of press today.
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