Profits at live poultry trading and feed business 2 Agriculture Ltd have more than doubled in the past year, according to their annual strategic report for the period up to the end of last year.
Figures show that post-tax profits at 2 Agriculture Ltd leapt from £3.43m to £7.47m, predominantly due to a increase in turnover.
Turnover rose by £29.3m split between £25.8m in live bird sales and £3.57m feed sales. The increase in live bird sales is mainly due to a full year of trading – the company actively moved into the sector in July 2015.
And the increase in feed sales reflects a 5% increase in volume sales although this was partially offset by a reduced selling price of 3% due to year on year changes in raw material commodity prices.
2 Agriculture’s move into live poultry trading led to an increase in administration costs of £1.2m and staff costs increased by £681,000 reflecting a rise in employee numbers.
The company said it would continue to invest significantly in mill equipment and infrastructure at its sites in King’s Lynn, Norfolk, Chettisham, Cambridgeshire, Wrexham and Edinburgh.