Canned meat firm enjoys profits boost
Canned ham and corned beef specialist Princes saw profits surge 30% in the year to 31 March 2013.
The Japanese-owned firm recorded pre-tax profits of £40.4m, up from £31.1m last year. Sales increased 15% year-on-year over the period, hitting a record £1.74bn.
Princes put its success down to organic growth in key markets and recent acquisitions, including two large canned production facilities in East Anglia. It also relaunched Crosse & Blackwell last year, after spending £4m on redeveloping the brand, which it acquired in 2011.
International sales were another highlight, with sales outside the UK up 25% year-on-year to £350m.
Princes managing director Ken Critchley 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.
“Princes made excellent progress during the last financial year, driven by a commitment to becoming a first-choice food and drink group. Growth has been achieved through a distinct strategic focus on the strength of customer and supplier partnerships across the group. This, coupled with substantial investment into our brands, sites and people, has resulted in UK and international growth, which is a core part of our strategy.”