Synergy Brands has booked a 19% increase in revenues during the first three months of the year – its first quarter as a pure grocery manufacturer and distributor.
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The US company saw sales rise to US$20.4m and attributed the increase to a strong performance from its Michigan-based operations, which makes Quality Food Brands baking mix and distributes its spice and packaged meal products throughout the country.
“The increase of sales is directly attributable to the Michigan operation, which nearly doubled from the prior period to $3.5m,” the company said.
Profits increased 59% to $2m. EBITDA from operations increased by 15% to $1.2m.
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