Coffee and tea supplier Finlays posted double-digit profits last year on the sale of some non-core assets.
Accounts filed with Companies House for Finlays parent company James Finlay Ltd showed revenue up 7.8% to $ 545.1 million in 2018.
Operating profits jumped 45% to $ 40.3 million as the company enjoyed a gain of $ 30.5 million on the sale of non-core property, plant and equipment.
This led to Finlays’ pre-tax profitability up 25% to $ 45.5 million.
“The business continues to focus on tea, coffee and herbal remedies with a number of non-core businesses sold during the year including the Sri Lankan Insurance division and a wood processing business,” the company said.
In addition, “shortly after the end of the year”, two other activities – including a packaged delivery – were sold.
The group was founded in 1750. It supplies tea, coffee and natural ingredients to the global beverage industry, with broad interests in plantations, mining, trading, R&D, packaging and manufacturing. customer support in Kenya, Sri Lanka, China, Argentina, North America and Great Britain.
The UK and European markets accounted for 20% of its revenue last year, with the US and Africa accounting for 28% and 34% respectively.