Food and drink giant enjoys £5m leap in profits
Liverpool food and drink giant Princes saw a £5m increase in profits last year.
The firm, which is known for its tinned salmon along with Branston pickle and corned beef, has its headquarters in the world-famous Liver building.
The growth came in a year which saw the completion of the first phase of a planned £80m investment in a plant in Lincolnshire.
The company was founded in 1880 and has been owned by Mitsubishi Corporation since 1989.
Brands includes Batchelors, Branston, Napolina, Olivio and Princes. The company operates manufacturing sites across the UK and Europe.
For the year to 31 March 2019, Princes reported revenues of £1.52bn compared to £1.62bn the prior period.
Pre-tax profits were up from £7.34m to £12.7m, while operating profits also increased from £9.6m to £15m.
A reduction in the cost of sales reflected lower revenues for the year while a strategic review of the operational performance of the group’s manufacturing sites resulted in an impairment charge of £8.3m.
A spokesperson for Princes said the results follow “a significant business transformation programme initiated at the end of 2017 to drive continuous growth and respond to challenging market conditions”.
“We will continue to make progress in achieving our vision of proudly helping families to eat well without costing the earth and delivering sustainable profit growth.”
