FARMFOODS has raised its annual pre-tax profits by nearly £1 million to more than £12m on the back of strong growth in turnover.
The frozen-food retailer, which is based at Cumbernauld near Glasgow and has shops throughout the UK, notched up turnover of £660.3 million in the year to December 29 last year. This was up by £17.6m on the prior 12 months. The family business raised its pre-tax profits to £12.1m in the year to December 29, from £11.12m in the previous 12 months.
Farmfoods’ average weekly number of employees in the year to December 29 was 3,864, the latest accounts filed at Companies House show. This is down slightly from 3,953 in the prior 12 months. Payroll costs rose to £68.8m in the year to December 29, from £68.1m in the prior 12 months.
The remuneration of the highest-paid director was £1.2m, unchanged from the prior financial year.
Farmfoods notes on its website that it has “served Great Britain” for more than 60 years, declaring: “From a butcher shop in Aberdeen, we have grown to more than 300 stores and four distribution centres nationwide.” It highlights its drive to deliver the “best value” on food and household essentials.
The company reduced its net borrowings from £21.2m to £13.2m during the year to December 29.
In its strategic report, signed by director Eric Herd, Farmfoods’ board says: “Trading conditions have been and are expected to remain competitive.”
Farmfoods invested £4.88m in freehold property and assets in the course of construction during the year to December 29. Such investment in the prior year totalled £1m.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here