Independent pie specialist Pukka Pies has reported a 2.7% fall in full-year pre-tax profit from £4.42m to 4.3m in the year to 25 May.

Turnover increased 5.9% from £43.9m to £46.5m and operating profit slipped 6.8% from £4.4m to £4.1m, the accounts filed at Companies House show.

The Leicester-based company, which produces pies free from preservatives and hydrogenated fats, saw an increase of gross profit margin of 41% to 42.2%, and operating margin a decrease of 1.2% to 8.8%. Cost of sales increased from £25.9m to £26.9m.

The directors’ report noted the company had “another satisfactory year” with a continuation of the trend of increasing turnover.

It said the company had continued to build brand awareness and the directors expected the business to grow over the coming years.

The company remained focused on producing “superior products coupled with outstanding customer service whilst offering excellent value for money”.

Pukka Pies points out it has a strong ethical focus on selecting and dealing with its own suppliers. “Company policy is to settle suppliers’ accounts within seven days of invoice receipt,” the accounts stated.