Macphie announces positive growth
Independent food ingredients manufacturer Macphie has announced financial results for the year to March 2016, reporting a 7% rise in sales for the year to £47.6m (2015: £44.6m).
Gross profit increased slightly from 26% to 27% of sales; with relative cost stability for the majority of raw materials and the realisation of benefits from significant capital investment and efficiency initiatives, which all contributed positively to the enhanced margin position, with operating profit increasing to £4.6m (from £3.7m in 2015).
Andy Underwood (pictured, left with Alastair Macphie), managing director for Macphie, commented: "It is a very positive set of results, realising our vision for profitable growth both in the UK and international operating markets. We have seen strong sales growth in all of our traditional channels with foodservice continuing to be the lead channel. We have also gone through a number of changes in our contract manufacturing business which will deliver additional opportunities for growth in the year ahead".
Chairman Alastair Macphie was pleased with the company's performance, and added: "The results are particularly pleasing given the changes the business has gone through over the past 12 months and the economic climate, and they're a reflection of the hard work and dedication of Macphie employees. With our strong innovation agenda, the board will continue to support significant investment in our product development and operational capabilities to ensure we maintain profitable growth".
