Carr's Milling Industries has said a £17 million investment in a new Scottish flour mill can deliver benefits for years to come.
The Kirkcaldy site, which started production in September, is expected to help return the food division at Carr's to "improved levels of financial performance".
Overall, Carr's saw its pre-tax profits rise 21.5% from £13.1m to a record £15.9m with revenue increasing 15.8% from £404.1m to £468.1m in the 12 months to August 31 this year.
The agricultural division - which includes animal feed supply businesses, petrol stations and retail stores - delivered a 22.5% lift in pre-tax profits to £11.6m with revenue up almost 16% to more than £340m.
Engineering revenue grew 12.4% to £33.4m but profits dipped 10.6% to £4.2m because of a settlement relating to a contract in the US. Food saw a 17% rise in revenue to £94.2m with profit increasing 26.5% to £600,000.
Chris Holmes, chairman, said trading across all divisions has been strong since the year end.
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