Patties Foods – the company behind the iconic Four’n Twenty meat pie range – has announced substantial profit growth despite tough economic conditions.

Net profits for the year to June 30 increased to $19.5 million, up 6 per cent on the previous 12 months.

Patties Foods managing director Greg Bourke credited the success to innovation and product growth, particularly in regards to value-for-money products.

The company also credits much of its success to non-supermarket sales – including sales through contracts with BP Reliance national group and Retail Food Group’s Brumby’s chain. Patties has about a 39 per cent market share of meat pies sold at petrol stations and convenience outlets, estimated at $100 million, while approximately 50 per cent market share of meat pies is sold in supermarkets, valued at $170 million.

Despite tough retail conditions, Patties Foods’ management expect steady growth in its savoury category of about 3 per cent to 4 per cent throughout 2013. The company also intends to boost research and development to drive the launch of new products, and to increase exports in Australia and overseas.

Four’n Twenty is the top-selling pie in supermarkets, convenience stores and football grounds across the country.