Costs linked to the acquisition of the Fray Bentos brand and “exceptional” spending on marketing have hit annual profits at Baxters Food Group.
In its latest accounts, which comprise results to the end of May, the privately-owned company said profit on ordinary activities after taxation was GBP2.2m (US$3.3m), compared to GBP5m a year earlier.
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“Our results are significantly affected at net profit owing to the exceptional charges we have absorbed this year during the acquisition of the Fray Bentos assets and exceptional marketing spend,” Baxters said.
Baxters acquired the Fray Bentos brand from fellow UK firm Premier Foods plc in 2011. In its results filing, Baxters said the deal was “an excellent acquisition” for the company.
Baxters’ EBITDA was up 16% at GBP15.3m on the back of increased sales across all markets except Canada. The company said it was “confident” it could “repair the modest backward move in sales” in Canada in the current financial year. Turnover was up 9% at GBP136.8m.
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