Shares in Northern Foods were down on the FTSE All Share in afternoon trading after the company reported a decline in profit in the half year ended 2 October.

Revenue reached £453 million, down from £466.9 million in the same period in the previous year.

Pre-tax profit dropped from £10.4 million to £9.6 million, while underlying pre-tax profit fell from £12.9 million to £9.6 million. Once restructuring costs are included the group went from a profit of £12.9 million to a loss of £9.5 million.

Net debt also fell marginally from £222.2 million to £218.8 million while the group said that it was holding its dividend at 1.55 pence per share.

Stefan Barden, Chief Executive of Northern Foods, said, "Whilst trading conditions remain tough, we are taking decisive actions to ensure Northern Foods remains well placed for these competitive and uncertain market conditions. Our finances remain strong and we continue to trade in line with market expectations."

By 16:10 shares in Northern Foods were down 1.63 per cent on the FTSE All Share to 45.25 pence per share.