Both profits and turnover at Noble Foods, the UK’s largest egg producer, saw growth approaching 10% in the latest set of accounts submitted to Companies House.
Parent company Noble Foods Group posted a profit of £11.02m for the year ending September 2013, compared with the previous period’s £10.19m. Turnover grew some 8%, from £594m to almost £650m.
Of that turnover, the lion’s share was generated by the egg production and packing arm of the business, Noble Foods Ltd, which accounted for £603m of the total.
Noble Foods Group, which incorporates the egg business, as well as a range of companies including pudding manufacturer Gu, has seen lower margins in the past five years. In 2009, the group posted a £533m turnover generating £16m profit.
A stripped-back directors’ report for the group simply said it was “pleased” with earnings, which were “as expected”, putting the modest growth in profit down to improved performance from subsidiary Gu.
In previous years the directors have cited the cost of investing in colony cage systems and other challenges as hindering profitability. This year it simply refers to “continuing competitive pressure that drives us to reduce our costs and improve our efficiencies.”
Directors’ emoluments for parent firm Noble Foods Group totalled £9.3m in this latest set of accounts, down from £17m in the 12 months to 2012.