Bristol firm Pieminister revealed an increase in underlying profit of almost 40% in its annual accounts, filed at Companies House.
It rose from £385k in 2012, to £634k in the full year to 31 March 2013, following the delivery of “a number of successful projects” during the year.
The firm which manufactures, distributes and retails pies, increased sales from from £8.3m in 2012 to £8.9m, while operating profit profit shot up from a loss of £64k in 2012 to a positive £574k. Total gross profit stood at £2.2m, up from £1.6m the year before.
In 2012 the firm incurred non-recurring restructuring costs of £110k, following an aborted move from Bristol to Llantrisant, as well as a pension contribution of £341k, which was made to enable it to purchase the freehold of its Bristol facility.
It said the positive results had been driven by increased customer penetration, as well as “fantastic growth” in three of its retail sites. which were revamped and now offer an evening menu. “Expansion has not been limited to the UK, as operations in Ireland and the Netherlands continue to deliver double-digit growth,” it said.
The firm said its strategy continued to be to develop a strong brand presence in both the retail and foodservice sectors, with the key risk to the business considered to be ingredients prices.
The directors were paid a dividend of £128k during the year, compared to nil in 2012.