Macphie reports profits back on track
Food ingredients manufacturer Macphie has announced financial results for the year to March 2015, including 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) and gross profit for the full year increased to £11.5m (2014 - £9.0m).
The company has reported that 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.
It has described how continued strong sales growth in foodservice and food manufacturing channels has benefited 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 was pleased with the company's performance, and added: "It's a very positive set of results, which is particularly pleasing given the challenges the business faced in 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."
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