Bridge of Allan-based Graham’s The Family Dairy said its turnover rose 20% to £100.5 million in the year to March, 2017.
Graham’s said it has an exciting year ahead with new products launches and continued overseas expansion.
The family-owned farming business said it has built a logistics site in Kintore, invested in production capabilities, and successfully expanded its product range as well as maintaining prime position of “number one Scottish food brand.”
It said the rise in turnover “reflects the full year impact of the Glenfield acquisition completed in 2016 and an increase in the volumes sold to an expanding customer base.”
Nonetheless, Graham’s said margins remain tight for the business, with profit before tax falling slightly to £1.3 million from £1.43 million.
There was continued investment of £1.4m in new plant and machinery.
“New Product Development (NPD) continues to be a key part of Graham’s growth strategy and early 2017 saw the launch of Graham’s Protein 22, a quark-based fruit flavoured snack, with has achieved multiple Scottish, UK and international listings, as well as respected awards including SIAL Paris, WABEL, Gulfood in Dubai and Anuga in Germany,” said Graham’s.
“With continued growth and innovation front of mind, Graham’s is currently working in partnership with Mactaggart & Mickel Homes to deliver a 600-home development which would allow Graham’s to develop a £20m+ national dairy centre.
“These developments require the support of the Scottish Government.
“The expansion of Graham’s dairy business in the form of a new processing, research and development facility will help to further support Scottish dairy farmers and give the country’s homegrown dairy industry a competitive advantage.”
Robert Graham, MD at Graham’s the Family Dairy, said: “We continue to grow our business partnerships with major retailers and now over half the Scottish population buy Graham’s products.
“Going forward, we will constantly innovate to expand our award-winning product range both within the UK and beyond.
“Despite the challenging backdrop of balancing supply and demand of raw milk prices, we have made significant progress throughout the year in relation to key elements of our strategy.
“We are well positioned to take advantage of upcoming opportunities in the market place whilst at the same time looking to improve efficiency and profitability.
“Our joint application for housing with Mactaggart & Mickel Homes will deliver our proposals for a new £20m+ national dairy centre which will focus heavily on R&D and innovation.
“The centre, which represents the single biggest investment in Scotland’s dairy sector in 30 years, will be home to scientists, researchers and food technicians, and will help put us, and Scotland, at the forefront of change.”