McCain Foods pre-tax profits soared to £77.5m, up from £72.5m in the full year ending 30 June 2023 despite the FMCG reporting it had faced “multiple challenges”.
The frozen food brand‘s profits rose from last year’s figure of £77.5m, while its full-year sales also soared to over £712.5m – up from £596.3m in 2022.
Yet the business added that it has had to overcome “multiple challenges” across its supply chain in the past year, impacting both its supply and cost.
McCain’s board said: “Farmers faced weather-related challenges throughout the season due to summer drought as well as increased pressure from rising input costs including fuel and fertilisers.
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“Despite this, sales growth was positive across both sectors and the business continued to support the long-term sustainability of agriculture through higher contract pricing in line with indexation and supplementing high energy costs for our storage growers.”
The company also pointed to “significant” investments made throughout the year to ensure McCain’s financial position, including “renewal of the Scarborough facility, and the brand, including media advertising”.
McCain Foods GB added: “As a brand leader, the company believes that it can continue to stimulate growth in a planet-friendly way through innovation, quality and service and continues to invest in capacity to support this growth.
Last May, McCain partnered with NatWest to offer financial support to potato farmers who were transitioning to “daunting” sustainable agricultural practices.
