Increased efficiencies have put Greencell on the brink of becoming a £100 million business.
The avocado specialist increased its turnover for the year ending 27 December 2014 to £99.5m, up from the revised 2013 figure of £75.7m, and pushing further on from 2012’s turnover figure of £63.6m.
The accounts for the most recent financial year, posted at Companies House, also reveal that pre-tax profit has seen an increase at the UK-based firm – up from £3.1m to £3.8m.
Peter Irving, finance director at Greencell, which also trades in top fruit, citrus, kiwifruit, melons, mangoes, grapes, vegetables and organics, told FPJ: “Greencell’s results for 2014 reflect the significant growth in turnover in the year, together with increased efficiencies, which have been driven by our continued investment in plant, new technology and innovative labour management.
“Our results for the first six months of 2015 have continued in line with 2014.”
The latest set of results for Greencell continue the growth trajectory it has enjoyed since being acquired by South African fresh produce group Westfalia Fruit International in 2008, and could propel it into the top half of this year’s FPJ Big 50 Businesses.
In 2014, Greencell made an investment of nearly £1m to increase the capacity of its avocado ripening and packing centre in Spalding, Lincolnshire.
The business, which supplies retail, wholesale, foodservice, food processors and government customers, also increased its trade in the EU in the most recent financial year, up from £2.9m to £5.7m, and increased staff numbers from 113 to 130.
With avocados riding the crest of a wave in the UK right now, valued at £94.8m in last month’s FPJ Big 50 Products having posted value growth of 25.1 per cent and volume growth of 29.2 per cent over the last year, Greencell is preparing for further growth spearheaded by avocados.
Speaking in the report accompanying the accounts, Irving said: “The company is committed to continuing its growth as a distinct UK centre of excellence for avocado ripening and packing.
“Successful and targeted avocado volume growth in 2016 may require the company to increase its investment within its two production facilities.”
