Capespan has upped its profit on a reduced turnover after “redefining” its offer.
For the year ending 31 December 2014, the business grew its pre-tax profit from £836,000 to £1.6m.
Turnover, meanwhile, went from £66.3m in 2013 to £63.5m.
Steve McVickers, MD of Capespan International, the South African-owned UK subsidiary, said: “The result confirms our recovery plan is on course and gaining traction. The business, led by a new management and commercial team, has redefined the Capespan offer, and we have a new operations and packing model that is delivering industry-leading efficiency.
'The trading landscape for our key customers changed significantly in the last 12 months, and it is more important than ever that we are able to support their evolving commercial agendas. Repositioning the Capespan business during 2014 has enabled us to respond to these challenges while also securing new customers and winning new orders.”
Trading in the firm’s wholesale division was down “significantly”, hit by oversupply in key Capespan categories like grapes and top fruit.
Lower year-on-year prices also caused the sales dip, McVickers said. He added: “The market seems to be finally restabilising, with adverse weather in many of our production areas reducing overall volume and exportable quantity. This has already rallied grape, citrus and stonefruit demand, with Q1 2015 finishing strongly.”
Capespan International has also seen an uplift in programmed foodservice deals, aided by better strategic partnerships with non-South African growers.
The firm’s 2014 accounts also bring closure to the Sheerness era, with a liquidation settlement from Fresh Fruit Services, the old packing business based at the port facility in Kent.
McVickers said the closure of the business’ satellite Edinburgh office and its consolidation into the Kent operations has delivered “renewed growth and efficiency”.
Capespan International now operates from offices in Maidstone, Kent, and its storage and packing base at Newmafruit in nearby Canterbury.
No comments yet