Sales rose at Hull food supplier Chaucer Foods last year, as directors at the business forecasted “strong growth” in 2019.
The company, based in Freightliner Road, supplies baked and freeze-dried ingredients to retailers and manufacturers across the world.
Recently-filed accounts revealed sales at Chaucer Foods rose to £48.27m ($62.2m) in 2018 – up from £47.4m the previous year.
Giving an optimistic prediction for the future, directors at Chaucer also said they hoped for “strong growth in 2019, which along with several cost saving initiatives, was expected to increase profitability.”
The company said: “The directors are pleased to report that total turnover in the year increased by two per cent.
“This was seen to varying degrees in all regions except North America.
“Sales to North America were impacted by a reduction in the sales price per kilo, which contributed to the gross margin reduction from 28 per cent to 20 per cent.”
Chaucer Foods opened its Hull factory in 1988.
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At the time, the company’s arrival in the city was due to a need to move closer to Chaucer’s two main suppliers for bread and oil.
Despite the rise in sales in 2018, pre-tax profits at Chaucer slipped from £7.8m to £4m.
The company said higher sales costs were to blame for the fall in profits.
Directors said: “The markets in which the company operates remain highly competitive, with continued price pressures from customers as well as significant upward pressure in raw material costs and other input costs.
“The company continues to trade in a difficult environment for food manufacturers, however the directors remain cautiously optimistic about the future.
“The company continues with its efforts to further develop and expand the product and customer base of the business.”
At the time of filing the accounts, Chaucer employed 30 people.
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The company supplies a wide variety of freeze-dried products.
Its portfolio in that division includes fruits, vegetables, herbs and purees.
Chaucer also supplies both sweet and savoury baked products, and the company has offices in the 海角视频, USA, France and China.
“Our objectives are to be the leading technology-led ingredients supplier globally and to profitably grow the business,” directors said.
“The company continues to invest in new product developments and innovations that are key in helping to grow the business and expand into new market sectors.”
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