Pre-tax profit may be down, but Northern Foods has said it is investing for growth, with the planned relaunch of its Goodfella’s pizza brand this year.
The firm announced a marginal increase in revenue of £1.8m to £977m for the 53 weeks to 3 April 2010. However, pre-tax profit was down to £34m from £47.5m for the comparable period last year.
Northern Foods highlighted a strong performance in bakery, and growth of sandwiches and salads in its chilled division. The firm won new business with Costa Coffee in the 2009/2010 financial year, and started a 10-year contract to supply British Airways.
The firm said it would incur increased costs during the first half of the 2010/2011 fiscal year, due to initiatives that include the relaunch of the Goodfella’s brand. But chief executive Stefan Barden said that although he expected the challenging market conditions to continue, the firm remained well-positioned for the future.