Profits leap at 2 Agriculture Ltd

12-10-2017 | |
Profits leap at 2 Agriculture Ltd. Photo: Pixabay
Profits leap at 2 Agriculture Ltd. Photo: Pixabay

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.

Live birds sales began in July 2015

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.

Increase in administration costs

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.

Tony Mcdougal Freelance Journalist