Pig processor Karro Foods has reported an £11 million turnaround, posting its first annual profit figure in several years.
Profits before interest, tax and depreciation were £8m in the year to December 31 which was part of a £528m turnover figure.
The group also announced it had secured a £74m funding package to support UK and international expansion and acquisitions. It has launched a £10m capital investment program from cash generated by the business into processing and production across its UK sites.
Karro was acquired by private house Endless in January 2013. Chief executive Di Walker said following the acquisition the group implemented a five year plan to transform performance.
“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," Mr Walker said.
"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."
He claimed the firm’s focus was to continue positive movement.
"We have an appetite to make acquisitions and this strategy will be supported by our recently announced £74m funding package," he said.
“We also continue to be focused on organic growth and will further develop our retail and trade partnerships, as well as expand our international customer network in markets including Australia, China, Japan, Korea and the United States.”
Michael Kestemont, chief financial officer, said this year’s figures had been realised in a year of significant competitive pressure within the UK pork industry.