The surge in remuneration is revealed in accounts filed with Companies House in recent days.
It was one of the reasons why, despite a jump in the company’s turnover to £35.6m in the period between February 24, 2008, and February 28, 2009, from £31.8m in the prior financial year, pre-tax profits fell from £1.35m to £1.05m.
Boardroom pay had amounted to £284,943 in the year to February 2008.
Profits were also hit by a fall in “interest receivable and similar income” from £592,286 to £393,775. This appeared to reflect the lower interest-rate environment, with Tunnock’s cash balance at February 28 last year of £10.9m up slightly from £10.5m a year earlier.
The jump in the Uddingston-based company’s turnover, which is led by Boyd Tunnock, signals it is relatively recession-proof.
Its turnover in the UK rose from £27.3m to £31m, while export sales increased from £4.48m to £4.62m.
The accounts state that equity dividends paid on Ordinary shares during the period to February 28 last year amounted to £500,000, up from £120,020 in the prior year.
In their report on the accounts, Tunnock’s directors state: “It is the intention of the directors that the company will remain an independent, family-controlled business. In the opinion of the directors, the business of the company continued satisfactorily during the accounting period.”
The average number of employees at Tunnock during the period to February 28 last year was 561. This was down slightly from 572 in the prior financial year.
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