Pre-tax profits climbed by more than a quarter at Kirkcaldy-based chilled foods wholesaler and distributor Fife Creamery, newly-published accounts have shown.
Documents filed at Companies House reveal how returns rose 28% to £627,819 during the 12 months to the end of September, while turnover climbed 7% to £20.9 million.
In their report, directors David Simpson, Graeme Simpson and Steve Appolinari said the results marked “a very successful year for the company”.
They said the family-owned firm, which employed a monthly average of 104 people during the year to the end of September, was in a “satisfactory” position with shareholder funds of £2.8m and assets exceeding liabilities by more than £1m.
The trio said the main risk was increased competition from national operators, but were confident that threat could be seen off.
“These companies are able to sell similar services to those offered by the company at competitive prices, which could lead to decreasing margins,” the directors noted.
“The directors believe that the quality of our services and customer service will help mitigate these risks, and hope to see satisfying trading results in the coming year.”
The company declined to comment further when approached by The Courier.
Founded in 1957 by John Simpson, grandfather of present managing director Graeme, Fife Creamery remains a family business.
It runs a fleet of dozens of temperature-controlled vehicles, supplying restaurants and hotels, contract caterers, the NHS, and thousands of other retail and food service businesses.
The company recently invested £2m in an upgrade for its 30,000ft2 custom-built depot, which holds many major well-known brands and processes a total product range of approaching 3,500 lines.
In October the firm announced a “significant” new tie-up with Scotmid, designed to enhance the chain’s stocks of local Scottish products across it 194-strong store estate.
At the time Mr Appolinari, Fife Creamery’s sales and marketing director, said the deal was one of the most forward-thinking collaborations Scotland’s convenience sector had ever seen.
The agreement was expected to boost the number of local food producers on the shelves in Scotmid’s shops, including brands like Fife’s DipNation, Mackie’s at Taypack in the Carse of Gowrie and the Pitlochry-based Rannoch Smokery.
But the results, published earlier this week, do not reflect the full-year benefit of the deal with the present financial year marking the first 12-month period it has been in place.