Independent food ingredients manufacturer Macphie has announced its financial results for the year to March 2017, reporting a 13.2% increase in turnover to £53.9m (from £47.6m in 2016).
Operating profit in the year rose to £5.9m, from £4.6m the previous year.
Managing director Andy Underwood said: “It is a positive set of results, underlining the company’s commitment to delivering sustainable profitable growth. Sales growth was realised across most channels in the UK, with out-of-home continuing as our key growth area.
“The traditional bakery market remained challenging, with ongoing consolidation in the wholesale supply chain adding further pressure. Consequently, we have reviewed and realigned our customer approach to provide more consumer-focused understanding and commercial solutions, which we see as vital to our continued success,” he added.
Chairman Alastair Macphie, commented: “These results illustrate the continuing success of the business as we focus on maintaining the positive trend of the last two years.
“During the year, the associated farm business was demerged from the main food business, as it was recognised as a non-core activity for Macphie Ltd and with the current political landscape giving the UK an uncertain economic outlook, as a business we will continue to monitor developments and act to minimise any adverse impact.
“I would like to convey my thanks to all our employees on behalf of the board, for their dedication and hard work.”
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