Profits rise at Meadow Foods dairy business
Meadow Foods, the UK’s biggest independent dairy, recorded a 1.89% rise in operating profit for the 2012-13 financial year.
Profit grew to £9.69m for the year to 31 March 2013, up from £9.51m over the previous 12 months.
Turnover dipped slightly from £340.9m to £339.42m over the same period.
The company said higher demand from large food manufacturers for its ingredient products – which include butter, cream, sweetened condensed milk and chocolate crumb – was behind the increase.
Meadow Foods executive chairman Simon Chantler said: “We are pleased to report some strong results in a competitive marketplace.
“The improved profits and positive cashflow have allowed us to make further investments into the business, which will in turn allows us to grow sustainably and offer stability to both our farmers and customers.”
The Chester-based dairy is investing £2.79m in capital projects at its Peterborough, Holme-on-Spalding Moor (East Yorkshire) and Chester factories.
These include more cream storage and cultured products capacity at the Peterborough site and a new lactose milling facility at Holme-on-Spalding Moor.
Mr Chantler said: “With a strong capital structure and an ambitious growth strategy in place we plan to continue our programme of ongoing investment and to look for acquisition opportunities in 2014.”
Meadow Foods profits increase by 5%