In the UK, McCain Foods, a subsidiary of the Canadian conglomerate, reported a revenue increase to £712.5m for the fiscal year ending June 30, 2023, up from £596.3m in the previous year. The company, headquartered in North Yorkshire, also saw its pre-tax profits rise to £77.5m from £72.5m. The financial uplift was attributed to the UK's consistent demand for potatoes in various forms.
The company faced challenges including supply chain disruptions, weather-related agricultural impacts, and rising costs for inputs such as fuel and fertilizers. Despite these obstacles, McCain Foods reported positive sales growth in all sectors and continued to support agricultural sustainability. This support included higher contract pricing to align with indexation and covering increased energy costs for storage growers.
Significant investments were made over the year in capital and branding efforts, including the renewal of the Scarborough facility and media advertising. The board expressed satisfaction with the company's financial position at the fiscal year's end.
Source: cityam.com