Rice supplier Veetee continues to find new recipes for success after it revealed pre-tax profits grew to £4.8 million last year, up from £3.4 million.

The microwave meal and easy-cooking rice brand, which adorns supermarket shelves across the country, increased turnover by 19.3% to £72.6 million according to its latest accounts.

The company, based on Medway City Estate in Strood, upped its operating profit by 34.2% to £5.4 million thanks to “increased volume sales and an enhanced customer base whilst continuing to pursue cost-saving programmes”.

The majority of its revenues come from the UK, making up £65 million of sales compared to £7.6 million in the rest of the world.

However the business, which employs about 135 people, said it remains wary of changes to rice prices.

“Trading conditions are expected to remain challenging for the foreseeable future, however the directors remain confident that the outlook for the business remains positive..." - Moni Varma, Veetee Rice

Chief executive Moni Varma, who founded the business in 1987, said: “Fluctuation in commodity prices, in particular rice, present a significant risk to margin if the business is unable to successfully recover through customer pricing.

“To manage this exposure, the business has integrated well-established processes and hedging techniques which are continuously reviewed.

“Trading conditions are expected to remain challenging for the foreseeable future, however the directors remain confident that the outlook for the business remains positive.

“The company continues to invest in operational and supply chain efficiencies, product innovation and brand awareness.”

He added the firm was “committed to ongoing technological innovation in all sectors of its business”.