DUREX-to-Scholl group SSL has seen its profits slump in the wake of problems over excess stock.

SSL, which employs more than 220 staff at a plant in Peterlee officially opened by The Princess Royal last month, cut £56m from sales figures after eliminating the practice of trade loading, where more goods than usual had been offered to wholesale customers to boost sales before the end of financial periods.

The sales correction meant turnover in the year to March 31 fell to £592.4m from £649.3m, while underlying pre-tax profits slumped to £28.5m from £91.3m a year earlier.

SSL said the trade loading issues were now over and that it was focused on core brands which also include Biogel surgical gloves and the Hibi range of antiseptics.

Chairman Ian Martin said it had been a challenging year but that a new management team had met its key objectives: "Increasingly now, our focus is on growing the top line and driving efficiency gains throughout the organisation."

That included last month's 300 job losses with the closure of its head office in Knutsford, Cheshire, and the restructuring of its European operations.

Shareholders will receive an unchanged dividend of 12.3p a share.