The canned food manufacturer, Princes, has reported a boost in profits of almost 30 per cent and an increase of 15 per cent in group sales from March 2012-13.
In 2011, the company sales grew by 28 per cent to £1.18 billion, which generated an after tax profit of £31.1 million.
This year, Princes annual figures boast an after tax profit of £40.4 million - with sales up by 15 per cent to reach record levels of £1.74 billion. The company’s latest results further cement the group’s position as the UK’s largest supplier of canned food and the country’s tenth largest food and drinks manufacturer.
The company is based in Liverpool and owned by Japanese firm, the Mitsubishi Corporation. Princes has attributed the financial gains it has experienced to natural growth across it’s core markets and the successful assimilation of acquisitions made over the year.
Princes has purchased two big canned production factories in East Anglia over the last three years.
It has also successfully formed a new firm in Italy, which has been reported to operate one of the most modern and efficient tomato processing, canning and packaging sites in Europe. During this period, Princes’ sales has grown by 47 per cent and the firm was able to employ an extra 1,350 new people across the whole of its international operations.
In 2012, Princes invested in new warehousing and ingredient processing facilities at its soft drinks site in Bradford, as well as a new production line at its edible oils location in Kent.
Overall, the company employs 6,000 people across 14 food and drink production sites and deals with over 600 worldwide suppliers.
Sales outside of the UK increased by 25 per cent to £350 million, compared to £280 million in the previous financial year.
Ken Critchley, managing director of Princes, said: “We have responded to changing consumer needs with innovative new products for every meal occasion and, by expanding our distribution into more countries, we are reaching more shoppers, more often, with our growing product portfolio.”