Scotland’s second largest private company, Grampian Country Foods, revealed that it turned loss into profit for the financial year to May 2001, with financial results reaching £15.3m (US$22.45m) from last year’s £3.8m loss after the firm cut 540 jobs at Marshall’s chicken processing plant.

The Aberdeen-based supermarket meat supplier posted a 7% increase in full year turnover of £851m, and pre-exceptional and pre-tax profits almost quadrupled.

Company chairman and majority shareholder Fred Duncan saw his salary leap from £243,000 to £1m.