Food manufacturer Baxters said that growth was largely driven from its international operations as its UK results remained static year-on-year.
According to reports filed with Companies House for the year to end 29 May 2010, the company saw net profit more than double to GBP5.8m (US$9.4m) against GBP2.7m in the previous year, driven largely by improved operational efficiencies.
For the year, the company recorded a 4.1% increase in turnover for the year to reach GBP129m, while operating profit grew 18.1% to GBP8.1m.
The company announced that following core sales growth in Canada, growth in Australia, and a performance that was “in-line with expectations in Central Europe”, the company now “expects to advance both a disposal and a purchase during the forthcoming year”.
Baxters said that NPD and consumer satisfaction remain “at the core of our activities”, with planned launches of products including pestos, chutneys and dips in Australia, soup line extensions in Canada and soups in microwavable bowls for the UK market.
It added that its retail division has “also suffered from the contraction in consumer spending”, with the company planning a full review over the year to review any risks to the group from this division.