US natural and organic food group Annie’s Inc saw profits climb in fiscal 2013 on the back of increased sales and a lower tax rate.
Net income was up 19.8% to US$11.5m in the 12 months to the end of March. Earnings benefited from the absence of a frozen pizza recall that weighed down results last year.
EBITA in the period reached $21.1m, a 22.7% increase on the prior year period.
Sales were up 20.3% to $170m. Excluding items related to the frozen pizza recall, adjusted net sales increased 21.1% to $171.1m. Revenue growth was driven by strength in meals and snacks.