Macphie, the Scottish-based bakery and food ingredients manufacturer, has seen profits and sales increase off the back of weaker dairy prices.
Underlying profit at the group doubled from £1.4m in 2014 to £2.8m in the past 12 months, while sales grew to £44.6m and gross profit for the full year increased to £11.5m (2014 - £9.0m), the company has revealed.
Macphie said it had seen continued strong sales growth in the foodservice and food manufacturing channels, with foodservice in particular benefiting from increased consumer spending.
The weakness of dairy sector pricing contributed significantly to gross margin recovery and largely compensated for the significant hit the business suffered the previous year, added the group.
Andy Underwood, the managing director who took over the helm in January 2014, said: “Looking forward, with the business now back on the right track, increased growth opportunities are now presenting themselves and, with a strong innovation agenda, we can continue to support significant investment in operational capabilities and product development.”
Chairman Alastair Macphie added: “It’s a very positive set of results, which is particularly pleasing given the challenges the business faced the previous 12 months, especially due to the increase in raw material costs. These results are testament to all the hard work and dedication of Macphie employees.”
The company relaunched its website last month so it now includes new features such as downloadable brochures, a recipe database and access to insight research. The search function has been enhanced and it is compatible with mobile devices.