UK ingredients supplier Meadow Foods Limited has reported a pre-tax profit of £24.6 million on a turnover of £588 million for the year to 31st March 2023.

The supplier released its end of year results for the year ended 31st March 2023, reporting that its turnover had grown as a result of inflation in dairy prices. It said that the “underlying business remains strong and is returning to pre-Covid levels of profitability”.

The report went on to say that Meadow remained “on track” to achieve net zero operational sites by 2030 and to be fully net zero by 2050.

Meadow highlighted that its plant-based business remained in its infancy, but said that it had a “growing customer base”.

Raj Tugnait, CEO of Meadow Foods, said: “These are a positive set of results, achieved in a very challenging environment of high inflation. These results enable us to continue to invest in new facilities and product development so we can continue to meet the needs of leading food manufacturers.”