Coffee firm Matthew Algie reports 'challenging' year
Coffee roaster Matthew Algie saw profits rise last year despite a fall in turnover.
The Glasgow-based company said pre-tax profit increased in 2012 by 11% to £2.5m.
But income fell by 3% to £32.1m after a "challenging yet successful year".
The firm, which will celebrate its 150th year of trading next year, blamed continued volatility in coffee prices and "a still faltering economic picture".
In a statement, Matthew Algie said raw material costs remained high as a result of the 30-year peak in coffee commodity prices in 2011 and elevated premiums for Fairtrade coffee.
Commenting on the results, chairman Eric Hagman said: "In the face of the effects of continued volatility in coffee prices and a still faltering economic picture, the business held its own and we continue to exceed our customers' expectations - be they high-end supermarket chains, luxury hotels or independent coffee shops."
He added: "Trading in 2013 continues to be challenging, but we are on target to see further strong growth this year."