Pilgrims Choice owner Ornua Foods UK saw sales rise by 9.2% last year, with profits remaining stable, despite the challenges of inflation, its latest accounts have shown.
The Staffordshire-based subsidiary of Irish dairy co-op and Kerrygold owner Ornua saw sales climb by £44m to £524m in the 12 months to 30 December 2023.
Pre-tax profits remained unchanged at £11.6m, reflecting “stable volumes” and the agreeing of “sustainable pricing structures with valued customers to address continued inflationary pressures impacting the entire supply chain”, Ornua Foods UK said.
It had net assets of £64.3m (2022: £54.7m) at the balance sheet date.
The company said it had continued to invest in capital expenditure and marketing last year, including “further investment in industry-leading cheese cutting and packing technology” at its Leek HQ, which “further enhanced the company’s packing capacity and capabilities”.
“Despite continued volatility in the marketplace, the business remained committed to driving continuous improvement, delivering best-in-class category expertise for our customers, strengthening our own-label and branded product portfolio, and optimising experience in dairy commodities,” said MD Simon Ball.
“Looking ahead, we expect the external commercial environment to remain highly competitive. By leveraging the experience and agility exhibited in response to market challenges in recent years, I am confident that Ornua Foods UK is well-positioned to continue to meet the needs of our growing customer base.”
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