AVONMORE Foods intends to embark on a £100 million spending spree over the next few years to aggressively grow its dairy and meat interests in both Britain and the US.

Annual results show pre-tax profits surging over 47 per cent to £32 million with turnover hitting a record £1.23 billion, a strong recovery over the slowdown experienced in 1994 produced by the £6 million cost of shutting down troublesome meat operations in Germany. Last year the meat division made a much improved contribution to the group, with operating profits rising 50 per cent to nearly £12 million based on a strong export performance.

Shareholders cream off total dividends increased 9.3 per cent to 4.1p a share, the good results providing the added bonus of a rising share price.