Fresh produce supplier QV Foods has seen its turnover rise significantly on the back of higher product prices.
The Lincolnshire-based business, which recently acquired Greyfriars UK, grew its turnover to £176 million for the year ending 31 May 2013, up £31m on 2012. Pre-tax profit rose from £4.6m in 2012 to £4.8m a year later.
A spokesperson for the firm, which specialises in potatoes, said: “A strong performance was delivered by the business in the context of a challenging trading environment arising from the volatile weather in 2012, and its consequences on UK and continental fresh produce.
“Inflation caused by surging produce prices following the difficult 2012 harvest has driven headline growth in turnover and cost of sales, but our continued drive for efficiency, rationalisation and integration of our business has enabled us to deliver a reasonable return on sales of 3 per cent.
“The board acknowledges the hard work undertaken by our staff and our growers in an exceptionally challenging year to sustain the service, quality and continuity expected of us by our customers.
“The board’s view is that there remain opportunities for future profitable growth arising from the food sector and that the next financial year has commenced well.”
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