Lloyd Fraser Holdings has said it is “broadly pleased” with its performance after reporting a rise in profit before tax of almost 60%.

In the year to 31 August 2014, the firm notched up a near 14% gain in turnover to £53.85m (2013: £47.28m) while profit before tax shot up over 59% to £2.06m (2013: £1.29m).

The company, which employs 575 and whose subsidiaries include Lloyd Fraser (Bulk Liquids), Lloyd Fraser (Dairy Services), Lloyd Fraser Logistics and Lloyd Fraser (Distribution), as well as recruitment firm The Mercury Recruitment Network, generated over 98% of revenue in the UK, with just £612,000 originating from outside it.

A spokesman for the group said it was “broadly pleased with the growth in turnover and profit levels, which is a reflection of the commitment and loyalty of our people”.

Progress in the current year, he added, “remains on target”.