UK food manufacturer Princes has booked an increase in annual profits thanks to its acquisition of canned food assets from Premier Foods last year.
The company grew profit after tax by 13% in the year to 31 March to GBP31.1m (US$50.4m). Sales were up 28% at GBP1.51bn.
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Earnings were boosted, Princes said, by its GBP181m acquisition in July last year. The purchase included the Crosse & Blackwell, Farrow’s and Smedley’s brands. It also gave Princes long-term agreements to manufacture products for Premier’s Branston and Batchelors brands under licence.
The firm said it also made “significant” progress during the year with its it expansion strategy in continental European and international markets, increasing sales outside of the UK by 26% to GBP388m.
“Princes made excellent progress during the last financial year by delivering a strategic plan which is focused on achieving UK and international growth by investing in our brands, our production and supply capabilities, forming new strategic partnerships and opening new customer markets,” said Princes MD Ken Critchley. “The group has also invested in the infrastructure and people to build on our international growth, which is a core part of our strategy.”
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By GlobalData
