Endless backed food business improves pre-tax results by £24m

TURNOVER dipped £70m in Karro Food Group’s full year results, affected by the falling price of pork products, but it says it is well placed for growth over the coming year with pre-tax profits up.

The business reported pre-tax profits of £12.5m for the year to 26 December 2015, up from a pre-tax loss of £12.2m the year before.

Revenues dipped to £457.7m from £527.7, but the company returned EBITDA of £26.6m.

2015 marked Karro’s third year as an independently trading business after being acquired by Endless. The company, which employs 3,000 in the UK said it was “fully transformed” following its rebranding from Vion when it was acquired.

Last year was the first time in “many years” that Karro was back in the black, and the second consecutive year of EBITDA improvement of more than £10m.

The business closed its Wiveliscombe site during the year, but it also invested in its Malton facilities and a new innovation hub and its Havershill packing lines.

The North Yorkshire food company also received a £74m funding package from RBS.

 Di Walker, chair of Karro Food Group, said:”We continue to build further on our very strong commercial relationships in the UK and globally and through ongoing significant investment in the business our production facilities are industry best in class.

“These investments have enhanced our manufacturing capabilities, widening the product offer for the benefit of Karro and its customers.

“Looking ahead, Karro Food Group is well placed to deal with the strong competitive pressures that characterise the UK pork industry.

“2016 has started well and Karro Food Group is confident of achieving further sustainable growth across the business over the months and years to come.”