Vegetable supplier QV Foods has blamed a 30.8% slump in profit on heavy investment in NPD to grow future sales.

QV, which supplies a range of fresh vegetables to the multiples, posted profits of £2.5m in the year to 31 May 2010 on sales up 30.5% to £113.4m, according to ­accounts filed at Companies House.

Sales had grown across all of QV's business sectors including retail, foodservice and manufacturing but it had invested ­resources and margin in NPD and brand development, said financial ­director Chris Rimmer.

QV had also experienced a difficult year because its business had grown more quickly than it had planned for, but it was now looking to ensure ­demand was better met in future, Rimmer added.

QV's brands include Inspire, a range of potato and prepared vegetable products fronted by TV ­presenter Gregg Wallace.