Kendal Nutricare, the UK-based infant formula company owned by Monaghan native Ross McMahon, saw its profits more than triple for its financial year to the end of March 2020.

Accounts recently filed for Kendal show operating profits for the company more than tripled to just under £1m (€1.1m) for its 2020 financial year, as operating profit margins widened to a healthy 4.1%.

Overall, Kendal saw its total sales grow by 11% in the year to just over £23m (€26m). This growth was driven by a near 80% in sales in the UK market to £5.4m (€6m), where the company has listings with Asda, Morrisons and Amazon. The UK infant formula market is valued at £500m (€560m).

In Asia, Kendal grew its sales by 12% to reach £10m (€11.3m), while sales to European customers fell by 14% in the period to £7.4m (€8.3m).

Kendal said it has now completed the transition away from contract manufacturing infant food products for third parties and is now focused on direct sales of its own baby formula brand, Kendamil. The company had previously manufactured and packed baby food products for the global food giant, Heinz.

Kendal said the past year has been an important one for the company after it launched a number of new branded infant formula products that will widen its product range with customers.

Kendal employs almost 140 people at its manufacturing plant in Cumbria in the UK. Ross McMahon acquired the site in 2015 from Heinz, who had used to facility to make its range of baby food.