Profits drop at Scottish tractor dealer after ‘very difficult year’

A difficult and challenging time in the agricultural sector has been blamed for a drop in turnover and profits at New Holland and Grimme specialist dealer Agricar last year.

Accounts filed with Companies House reveal the firm experienced a 74% drop in pre-tax profits to £15,633 for the year ended December 31, 2016.

This is down from pre-tax profits of £59,609 the year before.

Turnover at the Forfar-headquartered company was also down to £27.828million, from £31.322million previously.

The bulk of sales – £27.451million – were in the UK and sales to Europe accounted for £376,930 of turnover.

In a report accompanying the accounts, the firm said: “The past year proved to be a very difficult and challenging one for the agricultural sector and this is reflected in the year’s trading results.

“The gross profit percentage has remained consistent with previous yeas at 14.9% (2015 – 13.7%).”

The accounts reveal that the firm, which also has depots at Laurencekirk, Blairgowrie, Perth, Dundonald and Stirling, paid its highest-paid unnamed director £81,190 – up from £79.637 previously.