Unaudited figures show the food division of Carr’s Group has enjoyed a 6.3% rise in profit before tax for the year ended 29 August 2015.
The division supplies flour to the bread, biscuit and retail markets from three strategically situated UK mills.
Food group profits were mirrored by general group performance, which saw EBITDA rise 6% from £20.4m to £21.6m despite a 4.1% drop in revenues from £429m to £411.6m. Carr’s blamed this primarily on low commodity prices.
The company said its versatility regarding wheat-sourcing and mill processing had allowed it to cope with the inconsistent quality of the 2014 summer wheat harvest. It added that the position of its three mills would allow it to take full advantage of the exceptional large and consistent 2015 harvest.
Chris Holmes, chairman at Carr’s Group, said: “I am pleased to report that the group achieved another record year of profit before tax, despite a number of headwinds across all of our divisions. We have been able to achieve this due to the diversity of our business and the resilience of our business model, together with the hard work of our management team and all of our employees.
“While we expect these headwinds to continue in 2016, we are in a very strong position to handle those challenges and capitalise on any potential opportunities.”