Profits at BFree Foods, the gluten-free food firm established by Cuisine de France founder Ronan McNamee, jumped 50pc to €1.4m last year as revenue surged to €32.3m.
The performance at the company during the year came as consumers were forced into lockdowns as the pandemic emerged. The crisis has seen an increasing trend by many shoppers towards healthier lifestyles.
“Bfree continues to capitalise on strong consumer growth trends in ‘free from’ bakery, with a range of products that appeals to all consumers who want tasty and nutritious products that are also free from allergans such as wheat and dairy,” note the directors in the accounts.
They add that 2020 was a year of “important growth” for the company, with increased sales and tight cost controls in a margin-sensitive sector.
“Our market insights and analysis lead us to believe that growth in ‘free from’ bakery will continue in coming years,” add the directors. “To benefit from this expected growth, we are investing heavily now to ensure our business remains highly competitive and well placed to exploit growth potential.”
Its products include pizza bases, wraps, burger buns and pitta breads.
The revenue generated last year at the business was up 20pc on the 2019 figure.
BFree noted that it has expanded its sales from its core Ireland and UK markets, to North America, Australia and mainland Europe.
Mr McNamee and his business partner sold Cuisine de France in 1997 to IAWS, now Aryzta, for the equivalent of €65m.
He subsequently invested significantly in commercial property, including a portfolio around Dublin’s Grafton Street that was sold in in 2016 to German property group Hines for about €55m.
Mr McNamee established BFree in 2011. In 2017, it inked a deal with US retail giant Walmart to sell its products in the chain.
“We believe that the downside risks to 2021, in terms of Covid-19, will be mitigated by the global vaccine rollout and the economic recovery globally,” note the BFree directors in the accounts.
“Having managed the initial impacts of Brexit, we continue to monitor the challenges that may arise in both demand and supply terms as Brexit-related trading factors continue to evolve,” they add.
