British Pork suppliers, Karro Food Group, has posted a pre-deductions profit of £8m for the year ending 31st December 2014.
This figure represents an £11m improvement on the previous year and the group’s first profit for many years.
To support its focus on future growth, Karro has secured a £74m funding package from GE Capital and RBS Invoice Finance, providing additional capital to support the group’s UK and international expansion and acquisitions strategy.
Di Walker, executive chair of Karro Food Group, said: “Following its acquisition from Vion in January 2013, Karro Food Group implemented a five year plan to transform the underlying performance of our business through operational improvements that could deliver value to both Karro and its customers.
“It is therefore extremely pleasing to announce that Karro Food Group will have achieved the targets set out in that plan – namely to ensure Karro is fit for the future and firmly focused on growth - within just three years. This is an achievement reflected in these stand-out results and a clear recognition from our customers that the revitalised group is a very welcome market participant.
“Our firm focus moving forward is to continue this positive trajectory. We have an appetite to make acquisitions and this strategy will be supported by our recently announced £74m funding package.
“We also continue to be focused on organic growth and will further develop our retail and trade partnerships, as well as expand our international customer network in markets including Australia, China, Japan, Korea and the United States.”
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
