Walker Crips’ pre-tax profits decreased by almost 50 percent to £489,000 in the most recent financial year, from £924,000 the previous year.

In its audited results for the year ended 31 March 2019 the firm also stated its underlying operating profit, before tax and exceptional items similarly dropped to £434,000 from £906,000 in 2018.

This follows the firm’s warning in February, where it signalled its profits for the latest financial year will be “much lower” than the previous year as a result of �...