Compagnie Fruitiere UK is back in profit, following a year characterised by “pivotal strategic changes”.
The banana giant’s accounts for the year ending 31 December 2014 show that it bounced back from a £55,000 loss in 2013 to a £3 million pre-tax profit in 2014.
Turnover, meanwhile, was up to £99.7m from £93.5m, according to the accounts posted at Companies House – a figure that could push the firm into the top half of this year’s FPJ Big 50 Businesses.
The climb in turnover also pushes the business back towards the days when revenues were routinely in the nine-figure zone: reaching £165.1m in 2006, and still being as high as £130.6m in 2011.
Speaking in the report accompanying the accounts, Karen Scott, finance director at Compagnie Fruitiere UK, said: “Last year was a pivotal year for the future of the company, and saw a number of strategic changes.
“This included unification under the Compagnie Fruitiere name as well as a strengthening of the board of directors, and the appointment of a new managing director.
“The company reinforced its position as a leading banana ripener and disributor with the successful completion of a state-of-the-art banana ripening facility in the north, commencing a new long-term contract with a major retailer.
“The banana category grew with both new and existing customers, utilising the group’s accredited African Fairtrade sources in assisting UK retailers in the management of their supply chain risks.”
The turnaround in operating profit at the company - from a loss of £557,000 to a profit of £663,000 - was attributed to more positive market conditions, additional sales volumes, more stability in the supply chain, and a positive exchange rate impact through the strengthening of sterling against key currencies.
Compagnie Fruitière UK, which employed 122 people in 2014, is a subsidiary undertaking of Compagnie Fruitiere Paris, which is incoporated in Paris, and which parted ways with Dole in 2014 after 21 years of partnership.
The Compagnie Fruitière group, which boasts a turnover of over €700m, secured two new minority investors earlier this year, agri-finance firm Unigrains and investment bank Crédit Agricole.
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