UK food and drink group Princes has reported higher annual sales and profits, pointing to the underlying growth of the business and the impact of M&A.
The company posted an after-tax profit of GBP40.4m (US$66.1m) for the year to the end of March, up from GBP31.1m a year earlier.
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The higher earnings came on the back of a 15% increase in sales, which hit a “record” GBP1.74bn.
Princes, a subsidiary of Japanese conglomerate Mitsubishi Corp., said it had “acheived organic growth across its core markets and successfully integrated acquisitions during the year”.
In the last three years, Princes has acquired two major canned food production sites in the UK.
Sales outside the UK grew 25% to GBP350m.
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By GlobalData“Princes made excellent progress during the last financial year,” MD Ken Critchley said. “Growth has been achieved through a distinct strategic focus on the strength of customer and supplier partnerships across the group. This, coupled with substantial investment into our brands, sites and people, has resulted in UK and international growth, which is a core part of our strategy.”
