McCambridge gets back in the black

BREAD maker McCambridge swung back into the black last year with pre-tax profits of €172,622. This is a positive turnaround for the company, best known for its stone-ground wholewheat bread, which reported losses of €900,000 in the previous year.

These losses were down to two exceptional items — the revaluing of assets and the purchase of Inter Link Foods.

In the year to June 27, 2009, gross profit increased from €2.9 million to almost €3.1m. Administrative expenses were €2.8m down from €3.8m in the previous year.

In the accounts the directors said they were satisfied with the performance during the year.

“The business is fully supported by group operations. While the current climate is challenging the directors feel this will also give rise to opportunities for the business,” the accounts read.

By the end of the period the company employed 52 people, up from 47 in the previous year.

Staff costs were €2.1m up from just over €2m in the previous period.

Directors’ remuneration was €413,833, down from €625,022.

The family-owned McCambridge group dates back to the 1940s. It has been acquisitive in recent years, buying British-based WR & SV Hussey in 2001 and Cookes Bakery in 2006 out of examinership from the chef Johnny Cooke. It also acquired British cake manufacturer Inter Link Foods for £75m in 2007.