First profit swells Karro Food Group's kitty
KARRO Food Group, which makes Cookstown sausages, has made a profit for the first time.
The north Yorkshire-headquartered pork supplier posted profits before tax of £8 million for the year to December 31 2014 after losses of £3m the year before.
It did so on a turnover of £528m - down £5m on 2013.
The company said its 2014 highlights included a £10m capital investment programme which saw £8m spent on its Cookstown facility.
Karro was created when Netherlands-based producer Vion sold its UK operations - including the Cookstown plant - in 2012.
The company recently secured a £74m funding package from GE Capital and RBS Invoice Finance to support further expansion plans.
Karro executive chairwoman Di Walker, executive chair of Karro Food Group, said: “Following its acquisition from Vion by private equity house Endless LLP 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."
The Cookstown brand of sausages was founded in Cookstown in 1937 and was famously marketed by football star George Best in the 1970s.
Vion acquired the company when it bought Grampian Country Foods in 2008. Grampian had in turn acquired the Cookstown plant from Malton Foods in 2001.