FDBusiness.com

Helped by rising sales of cereal bars and retailer own label products, UK breakfast cereals manufacturer Weetabix has increased pre-tax profit by 26% to £97.2m for 2009 on turnover up slightly to £322m, despite the almost unprecedented trading conditions throughout the year.

Sales of the Weetabix brand slipped during the year due partly to the launch of Weetabix Bitesize at the end of 2008, which had a cannibalising effect. Volume sales of other key brands also declined following a reduction in promotional activity. The profit figure benefited from a one off dividend payment from the group’s US subsidiary. Weetabix is owned by private equity firm Lion Capital, which also controls Findus, Europe’s second largest frozen food group.