UK sugar firm Napier Brown Foods has said it has made a good start to the year, with unaudited accounts for the six months to 30 September showing results in line with market expectations.
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“I remain confident that we are on course for an excellent first year as a public company and that we have the basis for delivering strong growth in the years ahead,” said chairman Patrick Ridgwell.
Napier Brown, which also supplies value-added sugars, nuts, dairy powders and associated food products, said that since its formation it had made five successful acquisitions, enabling the company to strengthen its position as the leading independent sugar distributor in the UK.
“It is particularly encouraging that we were able to integrate Napier Brown, Garretts and Sefcol so rapidly into the new group and great credit must go to Chris Thomas, the chief executive of Napier Brown Foods, and the executive team for completing the reorganisation so quickly and effectively,” said Ridgwell.
The company said that subject to OFT approval it plans to integrate James Budgett Sugars into its existing sugar business. Napier Brown also said it had informed staff at Sefcol that the ingredients factory at Runcorn would be closed and the operations transferred to Renshaw Scott’s Liverpool facility. This will be done progressively over a period from January 2005 to the end of March/early April 2005.
“Following the reorganisation of these companies, we remain confident that both businesses will be earnings enhancing,” Ridgwell added.
Looking ahead, Ridwell said the company has a firm base from which to continue its expansion plans, which will be driven by organic growth and targeted acquisitions.
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