Leading Scottish food ingredients manufacturer, Macphie of Glenbervie have announced financial results for the year to March 2012. The company reported a 1% growth in Group turnover to £45.3m despite the discontinued operation of its subsidiary, Glenbervie Aberdeen Angus Ltd, which transferred to a joint venture partner in September 2011.
Trading profit, excluding an exceptional pension item, was £2m, which compares with last year’s £1.6m, when the business experienced some production problems, and is back in line with the more normal level of two years ago.
Chief executive, Alastair Macphie, said: “A lot of hard work throughout the business has gone into this improvement, with us being more focused on managing commodity volatility and controlling overheads, whilst investing in plant and systems for the future. Though the market place remains challenging, we are confident in our business and our people meeting the needs of our customers going forward. The Board has approved significant further capital investment at both production sites, Glenbervie and Tannochside, to support innovation and product diversification.”