Profits up at dairy processor Meadow Foods

Meadow Foods has seen a sharp increase in its pre-tax profits, which rose to £20.69m in the year to 31 March 2022 from £14.48m in the previous year.

The latest set of accounts posted by the UK’s largest independent dairy show this result was achieved from a turnover of £450.3m.

Turnover was up from the previous year’s £386.9m, an increase attributed to the rising cost of dairy ingredients and also to volume growth in ingredients sales.

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The company’s export sales remained strong. In its report Meadow Foods said it had adapted quickly to the extra post-Brexit paperwork and certification.

Distribution costs rose by £1.8m year-on-year, in line with an increase in product volume; administration costs were also up, by £1.2m.

Remuneration paid to the highest paid director was £954,000, up from £540,000 12 months earlier.

Meadow Foods has three factories in the UK – at Chester, Holme Upon Spalding Moor, and Peterborough – and is supplied by 500 dairy farmers.

It says further investment in new product development is planned, along with spending on the company’s facilities.