North East food company Prima Cheese has seen a big rise in revenues but profits fell as it invested in its operations and felt the impact of inflation.
The Seaham firm, which provides cheese to pizza companies around the country and abroad, has released accounts for the year to March 31 which show a 32% rise in turnover to £121.7m. Over the same period, operating profit fell to £3.7m though the firm grew its headcount slightly to 166.
The accounts show that company increased its 海角视频 and ‘Rest of the World’ sales, but saw a slight drop in exports to Europe. The family-owned firm said margins had remained strong for most of the year but fell in the last quarter of the accounts period due to increasing cost pressures.
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It added that it was investing in premises, plant and people, making the last year a period of “change and innovation”. That investment included a new fleet of trucks and trailers, as well as solar power equipment, and Prima said it would continue to invest in R&D in a bid to increase efficiency.
Co-CEO Nima Beni said: “We were not worried with the slight reduction in profits due to the company recording a strong P&L but an even stronger balance sheet which puts Prima in an extremely advantageous position, moving forward into an uncertain business and financial period in an ever changing market landscape.”
Fellow co-CEO Nagma Ebanks Beni added: “Our focus in 2022 was to continue to invest in our facilities, machinery and people which ensures Prima is able to operate and offer outstanding quality, consistency and service to our customers across the regions and nations within the 海角视频 and internationally.”
The accounts highlight that control of Prima Cheese has been transferred to the newly-formed 4B Group, which is 100% owned by the Beni family. The family said the new group would cover food manufacturing, property acquisitions and other ventures. They said the new company structure would “ultimately offer the opportunity for growth, innovation and sustainability”.
Prima said export growth would be a key driver for the company, and though the “outcome of the Brexit process is far from concluded and will be an ever-changing landscape with inherent risk”, the company said it had worked to localise suppliers within the 海角视频 and highlighted a “strong non-EU customer base” which would minimise the risk to its future sales.