International trade doubles profits at MPM Products
MACCLESFIELD pet food firm MPM Products saw international expansion double pre-tax profits last year.
Recently-filed accounts for the year to the end of December show the business increase earnings to £1.3m from £641,000, on sales of £17.2m, up 56%.
Export sales grew from £3.5m to £9m, principally in the US, while UK revenues increased from £7.7m to £8.2m.
MPM specialises in a premium range of dog and cat food for supermarkets such as Sainsbury’s and Tesco under the Applaws and Encore brands.
In their report the directors said: “The growth in turnover has been achieved primarily through expansion into new export markets and a full programme of new product launches. The company’s brands remain well-positioned in their respective markets and are benefiting from the consumer trend towards premium natural products.
“The management team has put in place a robust strategy to support growth for the next few years underpinned by further new product development, greater penetration of existing markets and customers, and the targeting of new territories with the appropriate market dynamics.”
Last month managing director Julian Bambridge told TheBusinessDesk.com that the company needed more capital to support this expansion and had hired PwC to look at its fundraising options.
The business, which has 52 staff, is owned by Roger Wood, Roger Coleman and Jon Kinsey.
