Frozen food retailer Farmfoods
reports annual profits more than halved in the 2016 year to January as revenues fell 3.6 per cent to £669.2 million.
The Cumbernauld-based group notes in accounts now with Companies House, trading conditions “have been and are expected to remain competitive”.
On an operating basis, profits were down nearly 47 per cent to £10.1 million (2015: £18.9 million) and pre-tax profits were down 52 per cent to £10.1 million (2015: £21.1 million).
Gross profit was down 33 per cent to £17 million.
During the year, Farmfoods notes it purchased 30,000 of its ordinary shares, representing 3.1 per cent of the issued share capital, for £2.5 million and the shares were subsequently cancelled.
Net borrowing was cut to £30.3 million, down from £32.1 million at the end of the 2015 year.
Farmfoods Ltd notes it employed 4,099 people on average, down from 4,320 the prior year, with all the 221 reduction in headcount coming from retail operations.
Despite the reduction in staff, payroll costs rose by half a million to £68 million, notably from an increase in directors remuneration, which rose to £1,9 million, up from £1.4 million the prior year.
The highest paid director took home £926,500 in the 2016 year to January, up from £425,000 the prior year.
, Frozen food retailer
, Farmfoods Profit