Northern Foods Plc, the parent company of Baxenden-based Holland's Pies, has warned annual profit will fall short of expectations as it struggles in the face of higher energy costs.

The company, which also makes Goodfellas Pizza and Fox's biscuits, said profit before tax was expected to fall short of the £62.2million made last year.

Financial analysts had been forecasting profit for the firm of between £63million and £70million.