Costs bite Farmfood profits

BUDGET supermarket chain Farmfoods has revealed that rising costs have dampened its profit margins as it fought to maintain affordable prices for shoppers.

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The retailer, which has its headquarters in North Lanarkshire, Scotland, has recorded a pretax profit of £33.1m for 2024, rising from the £25.5m it secured in 2023. Nevertheless, Farmfoods stated that "increased cost pressures" led to its operating profit being slashed from £23.9m to £9.8m.