FOOD group Princes recorded annual sales of £1bn for the first time last year, as its strong growth continued.
The Liverpool-based firm, which operates a range of household brands including Napolina, Crisp ‘n Dry and Jucee, saw sales increase 14% to £1.08bn in the year to March, 2009.
Turnover has increased by more than 60% in the last five years.
Rising sales have also translated, albeit more slowly, into increased profitability over the long-term.
Accounts just filed at Companies House show pre-tax profits for the year were up 3% to £39.1m, which shows a 23% increase over five years.
Princes – named business of the year at the Liverpool Daily Post Regional Business Awards in 2008 – employs more than 3,000 staff, of which nearly 300 are based at its Royal Liver Building headquarters.
The company declined to discuss its financial performance, but its directors’ report said “the increase in turnover and profitability reflects the continued growth of the business”.
A £500,000 Yours to Enjoy advertising campaign ran between October and December, which was to build on sales growth of its Princes-branded products.
It has seen year-on-year growth of 19% at the retail selling price, and claims 72% of UK households buy the Princes brand.
Princes imports, manufactures and distributes food and drink products, mostly in Western Europe.
Its sales during the financial year were split 76% in the UK, 16% in the rest of Europe and 8% outside Europe.
Princes increased its holding in Italian food firm Napolina, which has more than 120 products from pasta to olive oil.
It paid £10m to raise its holding from 51% to 76%, in August, 2008.
Princes is owned by the Mitsubishi Corporation, which has an annual turnover of £150bn and operates in more than 80 countries. The Japanese behemoth bought Princes Buitoni from Nestlé in 1989, but Princes started life importing canned fish as the Simpson, Roberts partnership in Liverpool in 1880.
It was owned by Liverpool-based Bibby & Co for five years until 1973, before Princes passed into foreign ownership.
