Carr’s Milling Industries has announced another year of record profits in 2013/14, with EBITDA up 9.1% to £20.4m.
The company said that food profit before tax was up 309.7% to £2.3m, despite revenue falling 7.5% to £87.1m, in the 52 weeks to 30 August 2014.
Carr’s flour mills supply bakeries, food manufacturers and multiples across the UK. The company said it was benefitting from the new £17m flour mill in Kirkcaldy, Fife.
Chris Holmes, chairman, said: “I am pleased to report that the group achieved another record profit before tax this year, building on the successes of recent years. This achievement can be attributed to a strong operational performance across the business.
“Each division performed well, driven by the benefits from research and development, innovation, global geographic diversity and the strategic investments the board has made.”
Holmes also said that continued “excellent” customer service from the company’s flour mills also contributed to the food division’s results.
Tim Davies, chief executive, summarised the year as “a year of progressive investment” of which he expects to continue.
The company said the new mill at Kirkcaldy, Scotland, and its Cumbrian site enabled it to be flexible and source wheat from overseas. It expects, however, to ship a greater proportion of its wheat from Southern England this year.
In regards to the new mill at Kirkcaldy, Davies said: “The benefits have been delivered from improved operational efficiency and the commercial benefits derived from increased customer confidence in our ability to produce high quality flour, milled to the highest standards of product integrity.
“We expect to deliver further increased financial benefits from the new mill during the next financial year.”
Profit before tax for the entire company was up 7.8% to £16.6m