Tilda has returned to top-line growth in the year ahead of its £280m sale to Spanish food processing business Ebro Foods.
The rice brand reported sales of £115.9m in the year ended June 2019, a 6% increase on the prior year when turnover had reduced 2% to £109.1m.
The company attributed the “strong performance” to the strength of its brands and the “effectiveness” of ongoing product innovation, enabling it to remain a market leader despite operating in a “highly competitive” environment.
Operating profits rose 11% to £14.5m, as increases in customer prices mitigated fluctuating raw material costs and sterling weakness.
Tilda was sold by Hain Celestial to Ebro Foods in August, as the US food giant looked to reduce its exposure to Brexit uncertainty and use the cash proceeds to pay down debt.
Serious change is on the horizon for Hain Daniels
Under Ebro, the company’s outlook remained positive, it said.
“Ongoing strategic initiatives taken by the senior management team to harness growth opportunities place the business in a strong financial position for the future,” it said in the accounts.
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