Ingredients supplier Carr's Milling has posted revenue growth of 47% to £372.3m and a pre-tax profit rise of 133% to £12.9m in the year to 30 August.

The food, engineering and agricultural company, which supplies ingredients to manufacturers of ready meals and convenience foods, said food operating profit had increased by 77% to £2m. Its food revenue growth of 50% to £85.6m was a reflection of the increase in wheat prices that started in late summer last year, the company added.

"Many of our key raw materials in the UK more than doubled and fertiliser rose three to four-fold," said chairman Richard Inglewood. "These increases reflected growing demand from China and India for agricultural products, combined with low world commodity stocks and growth in bio-fuel production, after many years of static markets."