Vegetable supplier QV Foods has blamed a 30.8% slump in profit on heavy investment in NPD to grow future sales.
QV, which supplies a range of fresh vegetables to the multiples, posted profits of £2.5m in the year to 31 May 2010 on sales up 30.5% to £113.4m, according to accounts filed at Companies House.
Sales had grown across all of QV's business sectors including retail, foodservice and manufacturing but it had invested resources and margin in NPD and brand development, said financial director Chris Rimmer.
QV had also experienced a difficult year because its business had grown more quickly than it had planned for, but it was now looking to ensure demand was better met in future, Rimmer added.
QV's brands include Inspire, a range of potato and prepared vegetable products fronted by TV presenter Gregg Wallace.
QV, which supplies a range of fresh vegetables to the multiples, posted profits of £2.5m in the year to 31 May 2010 on sales up 30.5% to £113.4m, according to accounts filed at Companies House.
Sales had grown across all of QV's business sectors including retail, foodservice and manufacturing but it had invested resources and margin in NPD and brand development, said financial director Chris Rimmer.
QV had also experienced a difficult year because its business had grown more quickly than it had planned for, but it was now looking to ensure demand was better met in future, Rimmer added.
QV's brands include Inspire, a range of potato and prepared vegetable products fronted by TV presenter Gregg Wallace.
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