THE parent company of Baxenden pie-maker Walter Holland & Sons today announced a £11million drop in annual profits after what the company described as a "difficult and disappointing" year.
Yorkshire-based Northern Foods said pre-tax profits had fallen from £97.5million to £86million, despite raising sales to £1.54billion.
Hollands Pies, which has been part of Northern Foods for the past 25 years, employs more than 600 people at its Baxenden base.
Chairman Peter Blackburn said he was confident that the group has begun to take the right actions to equip the business to compete in a "most demanding" climate.
"I look forward to the increasing benefits to Northern from the refocusing and restructuring initiatives already in hand, and to further developments under the leadership of our new chief executive Pat O'Driscoll."
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