Macphie profits double

Macphie has announced their financial results for the year to March 2015 doubling their profits from the previous year.

The independent, added-value food ingredients manufacturer announced a reported rise in profits to £2.8m up from £1.4m in 2014. The business had profits of £2.1m in 2013.

Sales grew to £44.6m (2014 - £44.3m), gross profit for the full year increased to £11.5m (2014 - £9.0m). The weakness of dairy sector pricing contributed significantly to gross margin recovery and largely compensated for the significant hit the business suffered the previous year.

The company has seen continued strong sales growth in food service and food manufacturing channels with food service in particular benefitting from increased consumer spending.

Chairman Alastair Macphie said: “It’s a very positive set of results which is particularly pleasing given the challenges the business faced the previous 12 months, especially due to the increase in raw material costs.

“These results are testament to all the hard work and dedication of Macphie employees”.