Farmfoods almost doubled its profits during fiscal 2008 as it benefitted from rising sales of frozen foods, the UK frozen food retailer has revealed.
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Pre-tax profits leaped from GBP5m (US$8m) in fiscal 2007 to GBP9.2m in the 12-months ended 31 December 2008. After tax, profits totalled GBP6.4m, up from GBP4.9m the previous year.
Turnover increased by GBP54.4m over the 12 months, rising to GBP439m, the company said.
The specialist retailer said that margins had come under pressure from increased energy and raw materials costs. However, the company added that it places “great importance” on energy efficiencies, such as its “Save It” campaigns and the introduction of energy efficient technologies.
While competitive conditions “have been and are expected to remain competitive”, Farmfoods indicated that it would continue to promote the benefits of frozen foods in the coming year.
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By GlobalData
