Northern pre-tax profits down

17 November 1999

Northern pre-tax profits down

NORTHERN FOODS, the supermarket supplier, reported a decline in pre-tax profits for the six months to 30 September to £30 million against £40.2m last time.

Profits were hit by £11.1m of exceptional charges related to the restructuring of its bakery operations. Turnover rose to £641m from £610.6m.

Northern Foods, which acquired Fletchers Bakeries in April, said it had the financial headroom to make up to £250m in acquisitions over the next year

It said it was likely to be “very selective”, focusing on small in-fill purchases.

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