The McCambridge bakery group saw turnover rise by more than 50 per cent to almost £15.9 million (€23 million) in its last financial year, despite what it described as "very difficult trading conditions".

Pretax profit at the Dublin-based company rose marginally to £1.38 million, from £1.2 million the previous year.

McCambridge said that while it had been hit by rising flour and energy costs, it expected to turn a profit again this year and is actively pursuing acquisitions to boost its business.

The group's ultimate holding company is the McCambridge Foundation, which is registered in the British Virgin Islands and is controlled by the McCambridge family. The company is headed by Michael McCambridge and employs more than 300 people.

In 2005, the McCambridge group bought McGill's bakery, which had gone into examinership, for €3.5 million. McCambridge subsequently moved its baking operation to McGill's plant.

The company also has a number of operations in Britain. It has invested almost £3.5 million in West of England Bakeries, based in Plymouth.

Last December, the UK health and safety executive issued West of England Bakeries with an improvement notice due to exposure of staff to flour dust. Last month it was deemed to be in compliance with health regulations.

Other investments made by McCambridge include a £1.3 million injection into Derbyshire-based Aldreds the Bakers, and £1.2 million in Berkshire-based WR & SV Hussey, which it acquired in 2001.

In 2006, the company also bought Cookes Bakery, previously run by Dublin chef Johnny Cooke, out of examinership. It had debts of €600,000. McCambridge lists its investment in Cookes at just £690.

At the end of June last year, the McCambridge group had bank borrowings of more than £8.8 million.