NORTH Yorkshire pork supplier Karro Food Group has reported a "transformational" year in which the business has reported a £10 million plus increase in earnings for the third consecutive year.

The Norton-headquartered firm, which supplies pork into the retail, trade and food service industries, reported profits of £15.5 million for the year ending December 26, 2015, up from losses of £9.9 million the year before.

In accounts filed last week, the group saw EBITDA (earnings before interest, taxation, depreciation, amortisation) hit £26.6 million, representing an £18.6 million improvement versus the prior year, and the third consecutive EBITDA improvement of more than £10 million.

Rising profits and earnings were achieved despite a drop in turnover, which fell £70 million year-on-year, down to ££458 million, with the decrease attributed to the "impact of a declining pig price and the 'passthrough' of that to customers".

The results are the third to be posted by the company since it was acquired from Vion by private equity house Endless LLP in January 2013, and embarked upon a five-year plan to turn the business around.

Karro's chief financial officer Michael Kestemont, said: "2015 marked Karro Food Group's third year as an independent business. After two years of significant improvements, Karro Food Group fully transformed in this third year from a company in turnaround to a strong, dynamic and well respected player that is building further on very strong commercial relationships in the UK and globally, and investing heavily to ensure all its production facilities are best in class.

"Karro Food Group is now well placed to deal with the strong competitive pressures that characterise the UK pork industry and is preparing for significant further growth in years to come.

"Karro Food Group is confident that 2016 will bring further improvement in the profitability of the business through revenue growth and further operational efficiencies driven by investment and management initiatives."

Other operational highlights reported by the group over the year include a reduction in net debt from £65.5 million to £52.8 million, and an increase to its finance facility from £60 million to £74 million.

The business, which said it had seen "significant expansion in the UK and international markets", also undertook a major investment programme aimed at lowering production costs and increasing product quality at its Wiltshire Cure facility and new innovation centre, both based in Norton. in Malton, and the new innovation centre in Norton.