Ethnic meals maker hunts lower cost ingredients
[2008-4-14]
Ethnic meals supplier The Authentic Food Company is trying to source cheaper ingredients to combat the rising price of foodstuffs.
The company boosted sales by 20 per cent to a record £23.2m in the year to May 2007 while pre-tax profits grew by 46 per cent to £744,846, according to accounts just filed at Companies House.
In the last five years the Wythenshawe-based company has seen its turnover increase by £10m but the last 12 months have been particularly tough for food manufacturers because of rising prices of basic commodities.
AFC founder Lak Basran sounded a note of caution about the threat posed by food price inflation.
Writing in the accounts, he said: “The company has identified the increasing cost of raw materials and worldwide shortages of foodstuffs as a major risk to our business in the medium term. Continuous research into new sources of raw materials is a major area of investment for us over the next 12 months.
“The business has seen continuous growth across all sectors it operates in, however increasing cost pressures and a very competitive market place has meant the business has absorbed those costs this year.
The company boosted sales by 20 per cent to a record £23.2m in the year to May 2007 while pre-tax profits grew by 46 per cent to £744,846, according to accounts just filed at Companies House.
In the last five years the Wythenshawe-based company has seen its turnover increase by £10m but the last 12 months have been particularly tough for food manufacturers because of rising prices of basic commodities.
AFC founder Lak Basran sounded a note of caution about the threat posed by food price inflation.
Writing in the accounts, he said: “The company has identified the increasing cost of raw materials and worldwide shortages of foodstuffs as a major risk to our business in the medium term. Continuous research into new sources of raw materials is a major area of investment for us over the next 12 months.
“The business has seen continuous growth across all sectors it operates in, however increasing cost pressures and a very competitive market place has meant the business has absorbed those costs this year.
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