Potato giant Albert Bartlett has warned of “intense” price competition following a 32% fall in profits.

Pre-tax profits at the company fell to £6.7m in the year to 31 May 2011 even though turnover was up 13.1% to £130m.

The core retail sector remained one of the most competitive in the global market, providing challenges for all involved in the supply chain, Albert Bartlett’s directors said.

“Price competition is therefore intense as both retailers and manufacturers position themselves to grow market share and drive efficiencies.”

Gross profit margins at the company fell from 31.1% to 28.8% over the period, and operating profits were down £2.8m to £7.3m.

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