Profits at Hoggs of Fife, Scotland's oldest mail-order company, have more than doubled on the back of a product review and a push into new markets, but the group warned of "challenging" times ahead.

Profits at Hoggs of Fife, Scotland's oldest mail-order company, have more than doubled on the back of a product review and a push into new markets, but the group warned of "challenging" times ahead.

Directors at the Strathmiglo business, which employs 34 people, noted that the economic slowdown could curtail demand for the firm's hunting, shooting, workwear and classic country ranges.

The 120-year-old business, that remains in the ownership of the founding family, unveiled pre-tax profits of £368,257 for the year to the end of May, compared with £144,545 the year before.

Turnover climbed during the period to £4.5m, compared with £4m last time.

In its latest set of accounts, obtained by The Herald from Companies House, the directors noted: "While traditional markets remain difficult, last year's review of product ranges and entry into new markets contributed to a successful year on both sales volume and margins."

However, they added: "Inter national pressure on margins will impact results for the current year and economic conditions will make maintaining progress on sales volumes challenging.

The combined pay package of its four-member board directors climbed to £226,398, including company pension contributions, compared with £189,151 the year before.

The directors proposed a 2008 dividend of 53,250, up from £31,950 last time.