McCain 'proud' of £77.3m pre-tax profit on the back of £170m investment

Pre-tax profits rose 7% from £72.5m the year before, while the firm’s profit after tax came in at £59.9m.

The food manufacturer also reported revenues of £712.6m, up 19% from £596.4m in 2021/22.

Elsewhere, operating profits rose from £76.4m to £78.4m, but McCain’s cost of sales increased significantly from £430.5m to £530m.

Commenting on its on its results for 2022/23, a McCain spokesperson told Food Manufacture that the firm was "proud"​ of its performance after it was forced to navigate "multiple challenges including increasing weather-related events and rising input costs".​

"We worked to mitigate the impact of these challenges, ensuring that our products remain accessible to our customers and consumers whilst continuing to invest for the future," ​the spokesperson continued.

"We are seeing the benefits of our £170m investment into our Scarborough production facility, which is now contributing to overall business performance. We’ve also remained committed to British agriculture, supporting our growers through higher contract pricing in line with indexation and supplementing high energy costs for our storage growers.​

"The impact of external challenges, such as inflation and climatic events, remains unpredictable, but our priority looking forward continues to be our investment in the long-term sustainability of British agriculture and wider industry, as well as supporting our colleagues, customers, and local communities.”​

Shortly after McCain Foods (GB) published its financial results, it was announced that the firm had completed the acquisition of Dublin-based frozen food producer Strong Roots.​​

The two brands first announced a strategic partnership in 2021, with McCain investing in Strong Roots to expand its product offering and reach into more regional markets.

Despite the acquisition, Strong Roots will retain its identity and operate independently under the leadership of Charlotte Turton alongside founder Samuel Dennigan.

Commenting on the move, McCain GB & Ireland regional president Jillian Moffatt said: "This investment bolsters McCain’s commitment to planet-friendly food, enabling us to extend our portfolio of healthier options that are grown, processed and shipped in a sustainable manner.”​

In other news, Waitrose, Co-op and Marks & Spencer have all announced recent product recalls.​​