Pre-tax profits at Greenvale AP nosedived 47% last year as the group's convenience foods arm was hit by shoppers trading down.

The potato processor's pre-tax profits for the year to 27 June 2009 fell from £4.8m to £2.5m. Turnover also dipped 1.6%, from £175m to £173m.

"The tough economic conditions have impacted the processing business which has experienced volume decline as consumers trade down and reduce their consumption of ready made convenience meals," the directors claimed in the report.