Higgidy Pies has reported a 2.1m hike in revenue, with pre-tax profits nearly doubling. Although the trading environment is tough and the cost of ingredients is rising, the local company is enjoying a period of sustained growth. In 2013 Higgidy invested £2.6m in expanding its Shoreham production facility where more than 180 staff are employed.
The company acquired the lease of adjacent buildings and developed one production unit. Building works were completed by the end of the 2013 financial year and it is hoped the investment will allow Higgidy to double its production volumes in the future.
It is reported that pre-tax profit at year end was £619,062, a huge increase on £363,434 in 2012. The growth follows various product innovations that have allowed the company to bump up supplies through existing customers.
Moving forward, directors aim to double the size of the company and it is also reported that there will be further investments in product development with plans to launch new product ranges within the next 12 months.