Growth feels good for Principle
VITAMIN, minerals and supplements producer Principle Healthcare anticipates continuous growth as it reports a rise in revenue and profits.
In its annual report filed at Companies House for the year ended in March, Skipton-based Principle Healthcare Holdings said it has been a positive trading year, with sales growth experienced in some markets and new international markets now trading.
It saw pre-tax profit rise to £1.7m up from £1.4m, gross profit climb to £6.3m up from £5.7m, operating profit reach £1.9m from £1.5m and turnover rise to £20.4m from £20.1m. Profit for the financial period was just over £1m, up from £877,741.
Looking forward, Principle, which supplies major retailers with vitamins, minerals and supplements under its own labels and for customer brands, said it anticipates that the business will continue to grow and develop in new markets as product registrations are completed. It added that the group will continue to focus on new product developments and new market requirements, which will be at the forefront of proposals for new business.
Two years ago, the company, which has a manufacturing and packaging facility in Slovakia, won the Queen’s Award for Enterprise in International Trade. Principle said: “The group will be maximising the Queen’s award as widely as possible in new markets through Principle Healthcare International. Additional resource in innovations, brand marketing were recruited during the year and more is planned for the forthcoming year.”
In the UK, Principle Healthcare Holdings reported that sales came in at £15.9m, in Europe sales were £3.5m and in the rest of world, just over £1m. The firm said the group is committed to increasing its share of the export market year on year.
Principle added: “The opportunities and growth for the group are in branded developments in current and new countries.”
It also highlighted that people development and training will continue to be a key focus for the business.
Principle commented that the market for vitamins, minerals and supplement products in the UK was static in value and volume during the year. Promotional offers amongst the major retailers continued in order to protect and develop the share of the market and major grocery multiples continued to improve their range and product offering across the health and beauty area in order to encourage purchases away from pharmacy chains and specialist health food retailers.
“The UK market is not envisaged to show any growth or change to the branded business opportunities where private label products account for the bulk of sales. The trend of products towards energy, joint and mobility, sports, lifestyle, children’s and products for the ageing population will continue to grow,” Principle added.
Principle said worldwide commodity pricing and availability on certain raw materials, coupled with plastic, paper, energy and fuel costs will be the key risks for the year ahead.
Principle Healthcare Group can formulate, manufacture and package every kind of vitamin supplements in a variety of formats for a wide range of customers.
