Baxters Food Group, the UK soup-to-sauces maker, has revealed it is “highly likely” to make an overseas acquisition this year.
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The company, which last year bought CanGro’s soup operations in Canada, is again ready to get out the chequebook for a business overseas.
Baxters forecast a third of its returns coming from overseas markets by the end of its 2007/08 financial year and the company said it planned to step up its investment in its Canadian businesses.
In the 53 weeks to 2 June 2007, Baxters saw operating profit rise 6.5% to GBP7.5m (US$15m) on the back of a 3.6% increase in turnover to GBP114m.
In its filing to Companies House, Baxters said the results reflected “solid core growth” and gains from improved efficiency.
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By GlobalDataThe company, however, warned of raw material inflation and growing competition.
