Sweetcorn specialist Barfoots of Botley Ltd has posted an impressive increase in profits but warned the market remained tough.
New figures show the company’s pre-tax profits were £2.2 million in 2009, up from £609,626 the previous year. Turnover rose 14.1 per cent to £86.9m in the year to 31 December 2009.
Operating profits at the business rose from £997,800 in 2008 to £2.3m in 2009.
Barfoots md Graham Young told FPJ: “We have increased product utility for all of our consumers and it is the delivery of real value that allows us to operate in tandem with the objectives of our customers.
“Our new biodigester has added real value and this has fully integrated us into the development of sustainable plans with all of our major retail customers.”
But the firm warned that market conditions still remain extremely testing. “Profit for 2009 represents a 1.6 per cent return on turnover,” Young said.
“While healthier than 2008, it still represents a modest return for any business to achieve given the risk profile of our sector. The market is highly competitive and highly sensitive to the ‘new normal’ macroeconomic conditions.
“The past will certainly not be any form of indicator of the future with worries over commodity prices, exchange rates and bank finance availability still very much uncertainties.”
In the directors’ report, the company said: “2010 is expected to be as challenging as any [year] we have experienced.”
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