Scotland business

Farmfoods reports profits slump as turnover rises

Farmfoods store Image copyright Betty Longbottom
Image caption The Cumbernauld-based firm operates about 300 shops around the UK

Frozen food specialist Farmfoods saw profits slump last year, despite a sharp rise in turnover.

The Cumbernauld-based firm reported turnover for 2013 at more than £689m - up from just over £569m in the previous year.

However pre-tax profit fell from £27m to £15.1m, according to accounts filed with Companies House.

The company said trading conditions "have been and are expected to remain competitive".

The average weekly number of employees rose by about 1,000 last year to just under 3,900.

The firm's net borrowings at the end of 2013 were nearly £23.5m, up from just under £16.5m the previous year.

The combined salaries of the group's directors fell by about £900,000 to £1,438,000.

Farmfoods was founded in Aberdeen in 1955 and now has about 300 shops across the UK.

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