Lincolnshire Field Products (LFP) has recorded a 54 per cent increase in profits after it cut costs in the business.
Newly filed accounts at Companies House reveal turnover at the brassica supplier increased 3.9 per cent to £92 million in the year to 30 January 2010, with pre-tax profits rising from £736,205 a year ago to £1.13m.
The growth had been achieved through shedding unprofitable business and streamlining operations, the company’s directors wrote in their report. “Growth in turnover is a key measure of the company’s success in winning new business and retaining existing customers,” they added.
According to the report, the increase in gross profit as a percentage of turnover from 3.6 to 3.9 per cent was a reflection of LFP’s withdrawal from unprofitable product lines during the period.
Directors Aubrey Day, Robin Hancox and Martin Tate pinpointed the securing of new business as critical to the company’s future growth potential. “The value of contracts won during the period is therefore closely monitored by the directors. During the period, the level of new business won was considered by the directors to be satisfactory.”
The Spalding-based business’s accounts for the year also showed operating profit of £1.17m, compared to £665,172 in 2009.
The company was not available for further comment.
