Valeo Foods, the Dublin-based consumer foods business owned by private equity firm CapVest, reported double digit profit growth for its 2017 financial year.

Accounts filed by the group for the first time show the business recorded pre-tax profits of €36.5m for its 2017 financial year, a 16% increase compared to the previous year.

Valeo Foods, which was formed in 2010 following the merger of Bachelors’ and Origin Foods, recorded sales of €635m in 2017.

Valeo owns a stable of consumer food brands including Batchelors, Odlums, Chef, Kelkin, Robert Roberts, Rowse honey and the Italian brand Balconi.

Ireland accounted for 45% of Valeo’s sales (€290m), while the UK market accounted for a further 30% of sales (€188m).

European markets account for 13% of turnover (€80m), with the remaining sales going outside of Europe (€78m).

Valeo recorded operating profits of €64m in 2017, thanks to a very healthy profit margin of 10%.

The business paid out €5.5m in dividends to its shareholders for 2017. Since 2012, Valeo has grown rapidly through acquisitions and turnover is on track to hit €1bn in 2019.