Meadow Foods, the UK’s largest independent dairy and leading supplier of milk based dairy ingredients to the food industry, reports an operating profit of £9.69m (+1.89%) for the year ended 31 March 2013 on a turnover of £339.42m. The increase is a result of an increase in demand from major food manufacturing groups for the company’s dairy ingredient products.
The company, which is headquartered at its creamery in Chester, reports that the strong cash generation has been used to further strengthen the balance sheet and that works are progressing well with its £2.79m of capital investment projects which are designed to increase capacity and efficiencies at its manufacturing facilities.
Simon Chantler, Executive Chairman, comments, “We are pleased to report some strong results in a competitive marketplace. The improved profits and positive cash flow have allowed us to make further investments into the business which will in turn allow us to grow sustainably and offer stability to both our farmers and customers.”
The investments include an increase in the cream storage and cultured products capacity at its site in Peterborough, a new lactose milling facility at its site in Holme-upon-Spalding Moor as well as continued improvements to its Chester site.
Simon concludes: “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 operates from factories in Chester, Peterborough and Holme-on-Spalding Moor, their products include cream, butter, sweetened condensed milk, anhydrous milk fat, chocolate crumb and cultured products. The company, founded in 1992, now employs more than 250 people.