‘Aggressive’ sales policy pays off as P&B enjoys jump in profits

P&B (Foods) has achieved rapid growth on the back of an “aggressive” sales policy.

In the year ending March 31 2011, P&B (Foods) recorded a turnover of £34.62m, compared with £28.37m the previous year, according to accounts filed at Companies House.

The company’s full year pre-tax profits rose to £3.32m from £2.48m.

The profit for the year, after tax, was £2.37m, an increase on the £1.76m achieved the year before.

The Bradford-based company imports, exports and distributes Afro-Asian foodstuffs. In a statement to accompany the accounts, the directors said: “The directors are satisfied with the results for the year.

“Continued growth has been achieved with an aggressive sales policy. In the next financial year, the directors are looking to acquire new brands and companies in the ethnic food industry.”

The report said the company’s balance sheet showed a “satisfactory position” with shareholders’ funds amounting to £9.17m.

The statement added: “The board manages the business by monitoring gross profit margins, debtor levels, sales levels, stock levels and pricing margin on a product by product basis.

“Gross margin remains the same as last year. Debtor days remain at similar levels to last year proportionate to the growth in sales. Stock levels have been increased in the year to meet higher sales demand.”

The directors said the company was continuing to take advantage of the additional storage space created in previous years.

The statement added: “With more than 1,600 product lines it is not possible to comment on price margin movement.”

The accounts also reveal that the average number of staff employed by P&B (Foods) rose from 70 to 89 over the course of the financial year.

The accounts show that P&B (Foods) makes most of its sales in Britain, although there has been a significant rise in its European turnover.

In the last financial year, the company’s sales in the UK were £32.26m, compared with £26.88m the year before.

In Europe, turnover for the year ended March 31 was £1.98m, up from £997,104 in the 2009 to 2010 financial year.

Rest of the world sales were £377,640, down from £480,627 the year before. P&B (Foods) declined to comment on the results when contacted by the Yorkshire Post yesterday.

P&B (Foods) was incorporated in August 1970, according to data stored at Companies House.

Last year, the company featured in a list published in the Yorkshire Post, which revealed the region’s fastest growing businesses ranked by turnover growth over the previous three years.

The Yorkshire Fastest 50 Awards have been developed by law firm Ward Hadaway in association with the Yorkshire Post.

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