Fairtrade hot drinks company Cafédirect has announced pre-tax profits of £705,000, up from £48,000 in 2006.
For the year ended 30 September, 2007, total turnover rose by 3% to £22.3 million. In the retail sector, sales slowed by 4% to £17m. Profits were driven by 33% growth in foodservice sales, which reached £4.6m.
The company also announced CEO Penny Newman would be stepping down on 10 March 2008 to be replaced by Anne MacCaig. Cafédirect works with 39 grower organisations across 13 developing countries.