Packaging firm seals strong start to new era after Ultimate acquisition

Food packaging specialist ProAmpac Grimsby Ltd enjoyed revenue growth of almost 30 per cent in the last financial year, driving the business to a £56 million turnover.

While margins were squeezed slightly, operating profit was also up by almost 10 per cent, at £1.4 million, for the US-owned business, renamed from Ultimate Packaging following a major deal in July 2021. The results for 2022 represent the first full trading period in the new era, having grown from a family-owned merchanting operation in Brigg in 1982 to an employer of more than 250 people.

The previous period – covering 10-months – had been shortened to align with the new group structure, and still represented a strong uplift on a like-for-like basis, taking it beyond two successive years of £50 million trading as the famiyly entity peaked.

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In 40 incredible years under the Tonge family’s direction, Ultimate had established a huge footprint on Grimsby’s flagship business park, Europarc, expanding over several phases to form a 180,000 sq ft estate at the gateway site. Serving the likes of Young’s and Aunt Bessie’s, the business had also positioned itself at the forefront of flexographic printing, with leading technology firm tie-ups.

Director Eric Bradford said the results for the period are “reflective of the current trading environment,” while hinting at further major investment to enhance operations. He said: “The directors are currently assessing investment opportunities in relation to machinery as part of the ongoing strategy to improve margins and competitiveness in the marketplace.”

Employee numbers for the year remained broadly constant, at 264.

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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