Profits at Farmfoods, the frozen-food chain founded in Aberdeen more than 60 years ago, plunged by more than half last year.
Turnover at the company, which has around 330 stores around the UK, also fell by £25million in 2016, according to annual accounts released by Companies House.
The figures showed a drop in the firm’s pre-tax profits to £9.2million last year, compared to £20million for the previous 12 months. Turnover was down from £694.3million to £669.2million in the same period.
Farmfoods, which started life as a meat processor in Aberdeen in 1955, and is now based in Cumbernauld, near Glasgow, said yesterday it did not comment on annual results.
But its accounts referred to “competitive” trading conditions, as well as energy and fuel costs.
The company employs around 4,100 people and has outlets in Aberdeen, Inverness, Inverurie, Peterhead, Fraserburgh, Stonehaven. Elgin, Invergordon, Fort William and Oban.