International food giant Princes has said the impact of the coronavirus pandemic on business has been "positive" after its annual results revealed profits had soared.
The Liverpool-based company, known for its tinned meat, fruit, pies, chopped tomatoes and dried pasta, reported operating profits up to £33.1m from £15m last year, with turnover at £1.533bn, up from last year's £1.519bn.
Although the figures were for the year ended March 31, 2020, a period only covering early on in the pandemic, the group - whose headquarters are the Royal Liver Building - also gave several indications to how business had been for the rest of the year.
Under the headline of 'future developments' in the results document released on Companies House, it said: "The directors have fully evaluated the effect of the Covid-19 pandemic on the business; revised forecasts have been prepared and presented to the board with the initial impact being positive on the whole.
"Although there are some switches in product sales mixes, demand for Princes products on the whole has significantly increased as a result of the lockdown measures put in place by the Government.
"These lockdown measures have meant consumers are buying more and also consuming more as almost all meals are now prepared in home."
In terms of the impact of Brexit, the document said the firm "continues to assess" the impact of the decision - and is "executing a comprehensive engagement plan which covers both industry and political stakeholders".
Cameron Mackintosh, managing director of Princes, said the positive figures released on Tuesday were the result of a new strategic plan introduced three years ago to ensure the firm could "operate efficiently and compete in the market place of the future".
Mr Mackintosh said: “It is clear from these results that plan is proving successful. The business has redefined how it approaches challenges and opportunities presented by the rapidly changing food and drink industry, and we are innovating as a consumer-first food and drink business. This strategy has become even more pertinent as a result of the coronavirus pandemic.
"Whilst these results only include a very brief period of lockdown, it is a point of pride as to how my colleagues and the business has continued to progress, whilst being readily focused on feeding the nation despite untold pressures across our supply chains and production facilities.
“We will continue to deliver sustainable and impressive profit growth, whilst achieving our vision of proudly helping families to eat well without costing the earth.”
Princes was founded in Liverpool in 1880 as Simpson & Roberts. In 1989 it was taken over by Japanese giant Mitubishi, since then it has bought brands from Napolina to Aqua Pura.
The firm employs 470 people in Liverpool, over 2,000 across the UK, and around 7,000 globally.
