Bowmer & Kirkland has suffered a 45% fall in pre-tax profit to 拢29m for the year ending 31 August 2009, from 拢43m in the previous year.
Turnover was also down, by 2%, at 拢870m, compared with 拢885m for 2008.
The fall in profit was due to increased salaries. Payments to directors during the year increased 37% to 拢20.3m, with the highest paid director earning over 拢10m.
Bowmer & Kirkland also increased its staff levels by over 200 during the year, and its wages bill rose by 拢20m. It now employs almost 2,000 people.
The firm has a net cash balance of 拢175m and a pension fund surplus of 拢5m.
Bowmer & Kirkland said this was a satisfactory performance and that profit was in line with their expectations.
Chairman John Kirkland said: 鈥淎t the end of what has been a difficult trading year, I am pleased to report satisfactory results for 2009.
鈥淭he following year will be a challenge but the directors believe that the company has a strong infrastructure and is well placed to take advantage of any available opportunities in the various market places in which we operate.鈥
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