North-east porridge maker Hamlyns of Scotland enjoyed a 94% increase in profits last year despite posting a drop in turnover.
Accounts filed with Companies House reveal the Banff-based firm posted pre-tax profits of £41,728 for the year ended July 31, 2015. This is up from a pre-tax profit of £21,505 the year before.
Only two years ago the company reported a “wholly unsatisfactory” performance when it posted a pre-tax loss of £255,896 for the year ended July 31, 2013.
Turnover at the company was down 11% to £14.674million, from £16.495million the year before.
Hamlyns, which is owned by Crewe-based Morning Foods, makes oat flakes, oatmeal and a range of other oat-based products at its mill at Boyndie.
It buys oats from farmers across Scotland, from Thurso to the Borders, and its products are stocked by major retailers including Tesco, Asda, Morrisons, Sainsbury’s and the Co-operative.
In a statement accompanying the accounts, the company said: “The year has been impacted by extensive volatility in raw material p-rices which has been extremely difficult to manage. This difficulty has impacted directly on the results for the year.”