Annual sales at Inspired Pet Nutrition, home to the Wagg and Harringtons brands, grew by 17.3% last year to hit £91.3m, though profits dropped from £8.2m to £6.5m as a result of rising prices and further investment.
In its annual report for the year ended June 30, 2018, it said the main drivers of cost increases were largely out of its control, namely Brexit and vitamin supply interruption.
IPN took the decision absorb these costs to keep price rises to a minimum while at the same time continuing its policy of investing heavily in both its main brands, with spend up 27.9%.
During the year, IPN invested a further £3.5m on capital projects, bringing total capital investment to £35m over the last eight years.
IPN, which also produces the Nineteen 87 brand, has its head office in Thirsk, Yorkshire, as well as a factory in Denbighshire, Wales.
Richard Page, managing director of Inspired Pet Nutrition, told Insider Media: “The business is performing very well and we are clearly seeing the benefits of the multimillion-pound investment programme in production facilities at our sites in Yorkshire and Wales.
“We are also continuing to invest significantly in our brands with exciting new products and increased above the line marketing spend.
“The growing trend for natural diets in the pet category led us to launch a Harringtons wet dog food range which is proving popular and won the dog food category at the 2019 Product of the Year Awards – the world’s largest annual consumer voted survey to identify Britain’s best-loved products.”
LAUNCHES
He added: “We have several more innovative new products under the Harringtons brand scheduled for launch during the year.
“Our Wagg brand has also benefited from a major £500,000 re-launch. Already the branded market leader by volume in the dry dog food market – Wagg, too, has moved into the fast-growing wet sector.
“A Wagg product was also a winner at the 2019 Product of the Year Awards, with Wagg Peanut Butter Cookies voted the winner in the dog treat category.
“The continuing uncertainty around Brexit naturally impacts on our business. IPN is focussed on mitigating post-Brexit risks and we have gone through our full supply chain, analysing the countries of origin for all raw materials. Part of our strategy is to treble stock finished products and increase stock of ‘at risk’ raw materials.
“It is hoped this will provide a good buffer for customers, should disruption at ports become a reality. As a further safeguard, and to ensure these stock levels can be reached, we have also obtained additional warehouse space.”
