An increase in costs has weighed on annual profits at UK private-label supplier and Ginsters owner Samworth Brothers.

In a filing with Companies House, Samworth Brothers said its net profit for the year to 1 January was GBP31.9m (US$49.6m), up 1.1% on the year.

However, less tax on the company's profits helped the company's bottom line, with pre-tax profit dipping 0.3% to GBP45.1m. Operating profit was down 2% at GBP46.9m.

Nevertheless, Samworth Brothers reported a 7.1% increase in turnover to GBP716.2m.

"The business continued to achieve strong sales growth, gaining additional business with its key customers," the company said.

In a recent interview with just-food, CEO Brian Stein said Samworth Brothers' sales in the current financial year were set to hit GBP760-770m. He also said the company would reach a turnover of GBP1bn in three years time.