March 11 2014 Latest news:
Friday, January 10, 2014
A malt company is celebrating an “outstanding” year in which its sales topped £100million for the first time.
The chairman of Stowmarket-based Muntons, Paul Wells, described 2012/13 as “a year of change” for the company, in terms of people, funding, markets and profitability and said the firm expected the growth trend to continue.
The company achieved a turnover of £101m and profits of £3.5m, providing the second best result in its history.
“This is especially significant following the previous year, where we have seen a turnaround of £4.2m,” he said.
“We undertook a complete review of strategy and the executive team have robust plans in place. I believe that the outlook is very positive and there are many opportunities for growth with our global reach and strong customer relationships.”
Alan Ridealgh, group managing director of the company, whose workforce includes about 220 at its Stowmarket headquarters and a further 30 at its plant in Bridlington, Yorkshire, as well as teams in America and Asia, said the success of the distilling industry had been paramount to its success, but that this had been well supported by growth in the craft brewing sector.
“2013 was our year of regrowth,” he said. “It followed a year during which we moved away from supplying commodity customers so it was important we showed in our results that our strategy was working.”
Challenges in 2013 including the continued votality in the grain markets, and steep prices movement in malting barley, the business’s raw material.
The highlight of 2013 was the record achievement of the “Cedars” team at Stowmarket in producing 72,780 tonnes of malt while major refurbishment works on the steeps where it is processed was ongoing, the company said.