Carr’s Milling Industries has reported a 21.5% increase in profit before tax, according to latest figures.

The group’s full-year results show pre-tax profit at £15.9m, up from £13.1m last year. Revenue for the period increased by 15.8% to £468.1m, rising from £404.1m in 2012.  

Ebitda was reported as up 20.3% to £22.2m, previously £18.4m.

Carr’s proposed a final dividend of 16.5p, up 13.8% resulting in a total for the period of 32p. In 2012 this was 29p.

Net debt increased from £2.5m at 1 September 2012 to £22.1m, which, according to Carr’s, reflected total capital expenditure during the period of £19.1m, of which £9.2m was refinanced on a long-term finance lease.

Food revenue was reported as up 17% to £94.2m, with profit before tax up 26.5% to £0.6m. This, the group said, reflected increased sales volumes and the benefit of port locations for imported wheat following the poor UK wheat harvest.

In the report, the group’s chief executive Tim Davies said he had been “very impressed” by what he had seen and experienced at Carr’s, noting the potential the business has for “further sustainable growth”.

Chris Holmes, chairman, said: “With a new chief executive and group finance director this has been a year of transition for Carr’s, a transition which has been effected smoothly and successfully. The group has achieved a record profit for the year, building on last year’s success. 

“This success can be attributed to strong operational performance, ongoing pursuit of our strategic aims, benefits from the investments in assets, research and innovation, as well as assistance from adverse weather conditions, particularly in the UK and the USA.”