Potato supplier Branston has posted strong pre-tax profits over the last financial year marking a good recovery from a tough 2010-11.
The Lincolnshire grower, packer and category manager recorded pre-tax profits of £5.72 million for the year to 29 July 2012. The profits were up from £2.164m for the previous 12-month period – an increase of 164 per cent. However, sales turnover was down by 10 per cent to £110m.
Explaining the performance, managing director Graeme Beattie told FPJ: “We got back to what is a more normal profit from the previous year which was not a good year. A lot is down to raw material prices and the crop was more abundant in 2011-12.”
He added that he was “pleased” with the results but that the situation for the current financial year is very different. Beattie said: “This year is such a difficult year. We had an awful wet harvest and a cold spring and we are suffering massive raw material price increases. It is unprecedented what we have had to cope with this year.”
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