AF Blakemore & Son has recorded a 7.4% increase in pre-tax profits to £7.6m on sales up 5% to £1.19bn for the 2013/14 financial year.

The Spar wholesaler said it was beginning to reap the rewards from its price reduction strategy to help maintain sales in an increasingly competitive marketplace. It also acquired smaller rivals Lowries Cash & Carry and BA Cash & Carry during the year.

“The convenience retail food market continues to grow as consumers shop more frequently locally and less at large hypermarkets. There is however growing competition in this market as the major multiples continue to open new stores,” said chairman Gwendoline Blakemore.

“We continue to be guided by the overall purpose to ‘grow a family business in ways that are profitable and sustainable for the benefit of our staff, customers and community’,” she added.

“This has been particularly important when companies have been cutting back in these areas and when trust in business has declined.”