Eden Farm delivers sales rise
Sales are close to touching £50m at Eden Farm, which has a distribution centre in Bradford, for a year in which it was acquired by independent wholesaler Kitwave.
The frozen food and ice cream wholesaler, which distributes products from Ben & Jerry's, BirdsEye, McCain and Goodfella's, reported turnover of £49m for the 14 month period ending 30 April 2014.
The company's financial year used to end in February but it was extended two months to April after the Kitwave acquisition.
On a pro-rata basis, the company's turnover was £42m compared with the £38.5m reported for the 12 month period ending 28 February 2013.
Pre-tax profit for the same 14 month period was £1.77m. Again, on a pro-rata basis, pre-tax profit increased almost four-fold to £1.52m from £406,429 for the 12 months ending 28 February 2013.
Pre-tax profit had dropped the previous two years but, writing in the financial report, managing director Paul Young said company expects a similar trading performance for the current financial year.
Young described the year as "very successful", but highlighted that it operates in a "highly competitive pricing market" meaning it has to have sufficient levels of finance to allow it to achieve its long term plans.
"As a result of the strong cash generation of the Kitwave One Ltd group, the availability of sufficient finance is considered to be well managed and the required finance facilities are already in place," added Young.
Newcastle-headquartered Kitwave acquired Eden Farm in March this year to expand its customer base to more than 22,000.
At the time, Young said: "Eden Farm is a natural fit for the group — increasing Kitwave’s product range and providing a wider customer reach across the UK."
Eden Farm also operates from a distribution centre in Bradford and employs about 150 staff.