Northern Foods profits going up

- Last updated on GMT

Related tags: Northern foods, Catering, Food, Generally accepted accounting principles

On May 30th, Northern Foods, the UK supermarket supplier, reported
a 4 per cent increase in full-year profits as it benefited from
improved sales...

On May 30th, Northern Foods, the UK supermarket supplier, reported a 4 per cent increase in full-year profits as it benefited from improved sales and enhanced capital spending, reports the Financial Times. The company is the largest food supplier to Marks and Spencer. It claimed that sales to its five main customers had also risen 7 per cent on an underlying basis during the year ending March 31. Lord Haskins, chairman, said "our continued progress reflects the fundamental strengths of Northern Foods, with well-positioned brands, strong customer relationships and excellent manufacturing facilities." Pre-tax profit before exceptional items and goodwill for the group rose to £104.1m ($148m) from £100.2m in the previous year. Profits were aided by the disposal of its Irish food service and distribution operations to IAWS Group and the acquisition of the loss-making R & K Wise cake business. The group turnover for the period was £1.38bn, a small increase from £1.34bn reported a year earlier. Northern Foods produces a range of branded chilled and frozen foods. It benefited from the consolidation of suppliers to the UK food retailers. However, the recent outbreak of the foot-and-mouth disease in the UK had a very small impact on the group's dairy business. Source: Financial Times

Related topics: Market Trends

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