Meadow Foods, the UK’s largest independent dairy and leading supplier of milk based dairy ingredients to the food industry, has reported a 13% increase in turnover (to £340.9m) and operating profit of £9.51m (+4.97%) for the year ended 31 March 2012.
The company, which is headquartered at its creamery in Chester, has also announced that it has eliminated net borrowings whilst committing £2.6m to capital investment projects in the coming year. The investments are designed to further increase capacity and efficiencies at its manufacturing facilities.
Simon Chantler, executive chairman, Meadow Foods comments: “Whilst the wider economic conditions remain challenging, Meadow Foods has continued to deliver a consistent performance, which in turn has allowed the business to eliminate debt and make further capital investments. These investments will bring further sustainable growth and stability to both our farmers and customers.”
Last month Meadow Foods secured full planning consent for a major expansion of their milk processing and butter production facility at Chester which will see an additional 5,300sqm of processing and storage facilities developed and the generation of up to 100 new jobs in the region.