Associated British Foods, the maker of Kingsmill bread and Twinings tea, said profit at the group had been boosted by its acquisition of Mazola corn oil and malt drink Ovaltine.

For the year to September 13, ABF posted a 9% rise in pre-tax profit to £457m from £420m. Turnover rose 8% to £4.9bn.

Chief executive Peter Jackson said Allied Bakeries increased volume despite suffering in a very competitive environment. He said a major programme of new product launches was planned for Kingsmill next year and that there would be support for healthy-eating brand extensions for Ryvita.

However, the group’s frozen bakery operation in the UK was hit by “tough market conditions”, which Jackson hopes will be rectified in the coming year after recent management changes.

ABF spent £230m on acquisitions the year and took an £8m charge related to the resumption of contributions to its main UK pension scheme.