Turnover at the Worcestershire-based UK of Thailand's biggest food producer has broken through the £200m barrier, new accounts have revealed. The company's parent was once involved in a takeover bid of Birds Eye. The new documents for CP Foods (UK) show the business achieved a turnover of £205.8m for the year to 31 December 2017, up from £152.3m in the prior 12 months. Its pre-tax profits also rose from £3.4m to £5.9m during the same period. CP Foods failed in its bid to buy food giant Birds Eye in 2012. A statement signed off by the board said: "The directors believe the results for the year show a satisfactory performance with turnover of the existing business being stable year on year. "Market conditions continue to be challenging across most sectors. "However, the underlying business has performed well with domestic revenue of the company increasing by £9m year on year. "2017 was the first full year following the group's acquisition of The FoodFella's in October 2016. "The acquired business continues to perform very well both in terms of sales and margin. "Gross margins have been under increasing pressure, not only due to sales mix but also because of the rising cost of quota. "However, tight cost control and reductions in spending have reduced the impact of lower gross margins at net profit level." CP Foods UK, which employs more than 240 staff, has a head office in Hartlebury, near Kidderminster.
Source Article: InsiderMedia