Pasta Foods returns to profit following substantial investment in new Norwich factory
- Credit: Chris Betts
A Norfolk food producer is pushing forward with an ambitious investment plan after bringing its balance back into the black.
Pasta Foods, which makes pasta for use in canned goods, salads, snack pots and ready meals, recorded a £426,043 pre-tax profit in the year to October 31, 2016.
It follows a £4.2m pre-tax loss in the previous year, which the strategic report in its most recently filed accounts said was sustained during the set-up period for its new factory in Costessey.
The report said the £8m facility is now 'running efficiently', with improvements planned at its flagship facility in Pasteur Road, Great Yarmouth.
It added: 'During the year the business has built on the efforts of the new management team in improving the financial performance.
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'Following the return to profitability in the period the business continues to grow profits to levels to support its ambitious plans for investment.'
Pasta Foods reported turnover of nearly £24.5m in the period – £3.6m of which was made in Europe and £3.9m in the rest of the world – helped by the introduction of new product ranges.
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A rise in staff costs for its 135-strong workforce and the price of raw materials – partly caused by the weakened pound – are noted in the report, with the firm saying price increases may be passed onto customers.