UK food manufacturer Faccenda Foods has reported an increase in annual profits on the back of improved sales.
The privately-owned group reported a net profit of GBP8.4m (US$12.7m) for the year to 26 April, up from GBP3.5m year-on-year. Operating profit increased to GBP11.4m from GBP5.1m.
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Sales rose to GBP418.1m from GBP365.2m a year earlier. The poultry processor said its retail customers traded well in a “competitive market” that had seen “aggressive pricing and promotional activity”. Faccenda added consumer demand for “convenient meal solutions” had “stimulated new sales” for its ready-to-cook products.
Faccenda Foods managing director Andy Dawkins said: “Despite a general economic environment that continues to challenge we have been able to generate growth through working closely with our retail and foodservice partners, growing and succeeding with them.
“We remain confident that with our strong balance sheet and great people, we can continue to reinvest to grow our business, drive our strategy and build on these results to deliver strong performance in the year ahead.”
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By GlobalData
