Farming News - Scottish potato company boasts large increase in profits
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Scottish potato company boasts large increase in profits
Expansion has soared profits at Scotlands largest potato processing company Albert Bartlett which reported pre-tax profits of £11.450 million to the year ending May 31, 2014.
Profits at Bartlett International Holdings rose 31% according to accounts filed with Companies House which was against a slight drop in turnover to £174.485million, from £175.312 million the year before.
The majority of sales were in the UK, although sales outside of Europe increased by nearly 800% to £3.424million, while sales to the rest of Europe were £50,944.
In his director’s report, Mr Ronnie Bartlett said the results were satisfactory with the early part of the year dominated by high prices for raw materials due to shortage of potatoes in the UK following the poor harvest conditions in 2013.
“While raw material prices have fallen since this high, the UK retail market continues to be extremely competitive and these pressures are felt throughout the supply chain,” Mr Bartlett said.
In the year, the group continued to use celebrity chefs Michel Roux jun and Andrew Fairlie as the face of its marketing campaigns which aim to both boost brand awareness and increase potato consumption.
Mr Bartlett said customer awareness and retailer stocking of the Albert Bartlett brand in international markets was growing.
“Albert Bartlett products can now be found in eight retail chains throughout the US; an expansion which has become possible as we add new listings alongside Walmart following the expiry of their initial period of exclusivity,” added Mr Bartlett in his report.
“While the US remains our largest international presence, we have increased our exposure in the Middle East with the establishment of a joint venture in Abu Dhabi and continue the expansion of our business activity in France and mainland Europe.”