A bumper harvest has resulted in a pre-tax profit of £2.1 million and a turnaround in financial fortunes for Cupar-based Kettle Produce Limited, a major supplier of fresh produce to UK supermarkets.
Central Fife’s biggest employer, with a staff of 934, saw turnover increase by 5% to £100.9m in the year to May 2015.
The previous year’s accounts showed turnover of £96.2m and a loss of £1.1m.
Company financial director Liz Waugh said in her report as part of the company’s accounts that favourable growing conditions had led to higher than expected yields which allowed the company to capitalise on sales to non-traditional markets.
This included selling surplus crops to new distribution networks the company has been developing in the UK and overseas.
She said: “All areas of the business have contributed to deliver this positive year end performance, helping enhance our turnover and profitability.
“The quality of raw material was also better than anticipated supporting improved production flow which reduced our operational costs.”
Kettle produces 100,000 tonnes of fresh root and green vegetables and salad crops each year from its sites at Orkie near Freuchie, and Balmalcolm near Cupar.
A joint venture, Kettle Produce Espna SL is based in Murcia, Spain, and the company operates several supply partnerships with major growers in England, France, Spain and Portugal covering more than 6,000 hectares.
The company was created by two Scottish farming families in the 1970s and remains family owned.
As a result of the strong trading performance the go-ahead has been given for previously postponed investments which reflect scheduled planned replacement and modification of business assets.
Reflecting on the financial year to date, Ms Waugh said: “Although, we’ve experienced a cool spring and summer resulting in slow crop growth, trading is in line with target and we anticipate this will continue for the remainder of the financial year.”