Princes’ sales pass £1bn as profits rise
NORTH West food giant Princes broke the £1bn turnover last year and also increased profits by 3% to £39m, newly filed accounts reveal.
The Liverpool-based company, owned by Japan’s largest general trading company the Mitsubishi Corporation, grew turnover from £946m to £1.08bn in the year to the end of last March.
Princes, which produces its own brand of tinned food, also owns a number of other leading brands including Napolina, Crisp ‘n’ Dry cooking sprayand Aqua Pura mineral water, said profits in the same period rose from £37.9m in 2008n to £39m.
The company, which employs more than 3,000 people, said the increase in turnover and profitability “reflects the continued growth of the business.”
Looking ahead, the directors said the business is “in a good position to take advantage of any opportunities which may arise in the future.”
Sales growth came in both the UK and Western Europe, with domestic sales rising from £787m to £904m in the period.Sales into Western Europe rose £22m ti £188.7m.
The accounts, recently filed at Companies House, reveal that in August 2008 Princes paid £10m to raise its stake in leading Italian food brand Napolina from 51% to 76%.
Headquartered at Liverpool’s iconioc Royal Liver Building, Princes is a major supplier to the grocery trade.
In the North West it has a large site on Lord North Street, East Manchester, where it manufactures soft drinks. In Cumbria it owns mineral water company Eden Valley.
Princes was founded in 1880 and bought by Mitsubishi in 1989. The Japanese group has made nearly 20 acquisitions which it has integrated into Princes since then.
