Farmfoods not frozen out by recession

Frozen food chain Farmfoods continued to defy the chill of recession last year booking a strong rise in sales and profits, new accounts have revealed.

The Cumbernauld-based group, which employs almost 3,000 staff at stores across the UK, said overall turnover rose to 468.9 million in the 12 months to 31 December, from 423.9m in 2008. Pre-tax profits jumped from 9.2m to 13.1m.

The firm said trading conditions "have been and are expected to remain competitive". Analysts have highlighted the success of discount food chains as consumers tighten their belts.

Farmfoods' highest-paid director saw their pay rise from 842,000 to 1 million.