Partly Cloudy

Partly Cloudy

max temp: 14°C

min temp: 8°C

ESTD 1874 Search

Stowmarket: Malt company Muntons celebrates ‘outstanding’ result as sales top £100m for first time

15:59 10 January 2014

Alan Ridealgh, group managing director of Muntons.

Alan Ridealgh, group managing director of Muntons.

A malt company is celebrating an “outstanding” year in which its sales topped £100million for the first time.

shares
Paul Wells, chairman of MuntonsPaul Wells, chairman of Muntons

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.

shares

0 comments

Sainsbury's chief executive Mike Coupe.
Photo: Sainsbury's/PA Wire

The City will this week look for details of how Sainsbury’s plans to overhaul Argos when the supermarket posts its annual results next week, while trading at rival Morrisons and banking giant HSBC will also be in the spotlight.

Avanti supports CLIC Sargent charity

Networking group getting Muddy and wiggy for young cancer patients

Nick and Kim Hoare from Ivy Grange Farm near Halesworth who run a glamping site with five yurts.
Photo: Nick Butcher

A glamping firm hoping to banish memories of sodden sleeping bags and leaking tents is catching the eye of campers after an upmarket break.

Royal Bank of Scotland has reported a sharp increase in first quarter losses.

Royal Bank of Scotland has reported a first-quarter pre-tax loss of £968million, more than double last year’s figure of £446m.

Tom Boother is running from Land's End to John O'Groats in aid of EACH and Great Ormond Street. Marquis Suffolk is lending Tom a motorhome for him to sleep in during the challenge.

Tom’s charity challenge - running 816 miles from Land’s End to John O’Groats

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Most commented

HOT JOBS

Show Job Lists

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24