Dairy business achieves improved profits and turnover, figures reveal
Meadow Foods, one of the UK’s largest independent dairies and supplier of value-added ingredients to the food industry, has reported improved profits and turnover for the year to March 31.
The Chester-based business achieved a pre-tax profit of £25.6m, compared with £22m in 2018, on a turnover of £456m, up from £427m last year.
Substantial growth was achieved from an expanding portfolio of food ingredients with a number of successful new product launches and its acquisition of Roil Foods. Earnings from milk sales were steady year-on-year.
Meadow Foods invested £6.8m in its facilities to improve efficiency and increase capacity and the company has a similar plan for the current financial year, with further capital expenditure of £8m having been committed for the year ending March 31, 2020.
Chief executive Mark Chantler, said: “These are a positive set of results, achieved in a challenging marketplace.
“Our growth is primarily a result of an expanded product portfolio, targeted acquisitions and improved efficiencies.
“This strategy for growth will continue and is reflected in our recent acquisition of Nimbus Foods, which has allowed us to further diversify our portfolio and cement our position as a leading supplier of value added ingredients.”
Meadow Foods is an award-winning company that operates from four BRC AA accredited sites in Chester, Peterborough, Holme-on-Spalding Moor and Dolgellau, where it manufactures value-added ingredients seven days a week for some of the UK’s best known food manufacturers.
The company currently employs more than 430 people and handles in excess of 550 million litres of milk each year direct from its network of dedicated milk producers across the UK.