The Authentic Food Company saw profits dip last year, but the frozen ready meals supplier expects its acquisition of Heinz’s frozen factory in Dundalk, Ireland to “step change” its performance.
Newly filed accounts in Companies House revealed the group’s turnover rose 3.4% to 41.3m in the year to 31 May 2014. But pre-tax profits tumbled by 15.9% to £1.8m as costs rose.
The company directors were “pleased” with the results with sales growth a result of “strong customer relationships and further investments in NPD and capital equipment”.
Authentic Food declined to comment on the accounts, but said the Heinz facility acquisition, which will continue to make Heinz WeightWatchers and Ross ranges, will significantly grow revenues. “We are now operating outside our heritage in Indian and Chinese and playing a bigger role in world cuisine,” said MD Nik Basran. “The acquisition sets the tone for our growth ambitions.
“The deal will see a step change in turnover,” he added, as it targets growth through multiple channels, including retail own label, branded partnerships, foodservice growth and export.