Pre-tax profits fell £0.5m to £1.4m in the year to 31 January 2011 at the frozen foods retailer, with sales down 1% to £50.5m.
Gunter said Frozen Value, which trades as Jack Fulton and Fulton Foods, invested £1m in the business during 2010. "We did a lot of work improving the quality of the estate and increasing the size of the average shop."
Business was booming, he added. "Trading is very strong with current like-for-likes in double-digit growth. And this year's profits so far have already exceeded last year's full year."
The results come six months after Gunter and financial director Karen Rees took over the chain, after buying out private equity firm 3i.