UK frozen food retailer Farmfoods booked a 20% rise in revenues during 2010, with sales benefiting as UK consumers traded down to low-priced retailers.
In accounts filed at Companies House, the group, which has about 300 stores in the UK, said sales increased to GBP579m (US$958.8m) during the 12 month period.
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Pre-tax profits jumped from GBP13.8m to GBP17.8m, the company said. Profits were driven by improved margins as the group reduced administrative expenses.
Commenting on the result, company secretary Susan Crombie said: “Trading conditions have been, and are expected to remain, competitive.”
When contacted by just-food, the privately-owned company declined to comment on the factors driving its strong sales performance.
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