Valeo Foods, the Dublin-based consumer foods business backed by private equity firm CapVest, recorded double-digit sales growth for its financial year to the end of March 2020.
Accounts filed by Valeo show revenues for the year stood at just under €943m, which was up 19% on the previous year and are fast approaching the €1bn mark. Driven by a multi-million euro acquisition spree, Valeo’s sales have soared 60% in the last four years, while the group’s asset value has almost doubled in the same period to over €1.4bn.
Operating profit margins in the business are healthy at just under 7%
Valeo recorded underlying operating profits of €64.2m for the year, which was down 6% on the previous year. Operating profit margins in the business are healthy at just under 7%. Net debt increased to just under €790m and no dividend was paid to shareholders.
Employing over 4,000 people, Valeo owns a stable of consumer food brands including Batchelors, Odlums, Chef, Kelkin, Robert Roberts, Roma, Fruitfield, Rowse honey and the Italian brand Balconi. The company also owns confectionery Refreshers, Dip-Dab and Fox’s mints.