Independent, added-value food ingredients manufacturer Macphie this week announced its financial results for the year to March 2015, reporting a rise in profits to £2.8m (from £1.4m in 2014) which puts the business “back on track” with profits achieved two years ago (£2.1m in 2013).
Sales grew to £44.6.m (2014 – £44.3m), gross profit for the full year increased to £11.5m (2014 – £9.0m). The weakness of dairy sector pricing contributed significantly to gross margin recovery and largely compensated for the significant hit the business suffered the previous year.
The company has seen continued strong sales growth in food service and food manufacturing channels with food service in particular benefitting from increased consumer spending.
Managing Director Andy Underwood commented: “Looking forward, with the business now back on the right track, increased growth opportunities are now presenting themselves and, with a strong innovation agenda, we can continue to support significant investment in operational capabilities and product development”.
Chairman Alastair Macphie said he was pleased with the company’s performance adding: “It’s a very positive set of results which is particularly pleasing given the challenges the business faced the previous 12 months, especially due to the increase in raw material costs. These results are testament to all the hard work and dedication of Macphie employees”.