New Britain’s Liverpool refinery is making money

NEW Britain Palm Oil, the Papua New Guinea-based producer of Palm Oil products, has said that the refinery installed in Liverpool is already earnings positive and was making “good, consistent margins”.

The company, which is one of the world’s biggest producers of traceable, sustainable palm oil used in confectionery, soap and other products, said that the facility was continuing to increase capacity on a monthly basis and is currently operating at 70% of total capacity.

Speaking as the firm announced a near-doubling of revenues to $404m (£246.7m) in the six months to June 30, s chief executive office Nick Thompson added that civil works were also underway for a £9m bakery products plant planned next door to the refinery, and that it expects the majority of equipment to arrive next month.

The plant should be commissioned early next year. Around 40% of the palm oil used in the UK currently goes on bakery products, but few firms use traceable sources.

Thompson said: “We remain very well positioned to satisfy the growing market requirement for high grade fully traceable and sustainable physical oils together with speciality fats and margarines both in the UK and on the Continent.

“The company continues to invest in its operations and the board remains confident of delivering further growth and progress.”