Bowmer & Kirkland has suffered a 45% fall in pre-tax profit to £29m for the year ending 31 August 2009, from £43m in the previous year.
Turnover was also down, by 2%, at £870m, compared with £885m for 2008.
The fall in profit was due to increased salaries. Payments to directors during the year increased 37% to £20.3m, with the highest paid director earning over £10m.
Bowmer & Kirkland also increased its staff levels by over 200 during the year, and its wages bill rose by £20m. It now employs almost 2,000 people.
The firm has a net cash balance of £175m and a pension fund surplus of £5m.
Bowmer & Kirkland said this was a satisfactory performance and that profit was in line with their expectations.
Chairman John Kirkland said: “At the end of what has been a difficult trading year, I am pleased to report satisfactory results for 2009.
“The following year will be a challenge but the directors believe that the company has a strong infrastructure and is well placed to take advantage of any available opportunities in the various market places in which we operate.”