Meadow Foods reports on a successful 2019
Meadow Foods, a UK independent dairy and supplier of value added ingredients to the food industry, has reported a pre-tax profit of £25.6m (£22.0m 2018) on a turnover of £456m (£427m 2018) to 31 March 2019, an increase of 16%.
Substantial growth was achieved from an expanding portfolio of food ingredients with a number of successful new product launches and its acquisition of Roil Foods. Earnings from milk sales were steady year on year.
Meadow Foods invested £6.8m in its facilities to improve efficiency and increase capacity and the company has a similar plan for the current financial year, with further capital expenditure of £8.0m having been committed for the year ending 31 March 2020.
Mark Chantler, CEO of Meadow Foods, said: “These are a positive set of results, achieved in a challenging marketplace. Our growth is primarily a result of an expanded product portfolio, targeted acquisitions and improved efficiencies. This strategy for growth will continue and is reflected in our recent acquisition of Nimbus Foods, which has allowed us to further diversify our portfolio and cement our position as a leading supplier of value added ingredients.”
Meadow Foods operates from four BRC AA accredited sites in Chester, Peterborough, Holme-on-Spalding Moor and Dolgellau where it manufactures value added ingredients 7 days a week for UK food manufacturers. The company handles in excess of 550 million litres of milk each year direct from its network of dedicated milk producers across the UK.