Northern Foods held its annual general meeting last week, where it was announced that bakery profits were down due to challenging commodity prices and bad weather.

Overall revenue grew in the 13 weeks to June 30, although bakery was down by 2.6%. Chairman Anthony Hobson said: "Stronger ready-meal sales offset a weaker performance in sandwiches and salads after the wet weather dampened sales of chilled foods. We have stabilised revenue in our biscuits business, by better targeting of promotional activity and withdrawal from unprofitable segments."

Last year, the group sold 40% of its business, including bakery divisions, to Vision Capital.