Profits are down by a third at Norvite Animal Nutrition.
Accounts filed with Companies House reveal the Insch-headquartered company posted a pre-tax profit of £50,815 for the year to May 31 2019. This is down from £77,327 in 2018.
The firm, which has manufacturing sites at Insch, Oldmeldrum and Ochiltree in Ayrshire, as well as operating three country stores, experienced a slight decrease in turnover to £14.549 million, from £15.058m the year before.
In his report accompanying the accounts, managing director Edward Smith said: “Once again the farming industry has suffered a tough year.
“High levels of competition in the blends market, combined with challenging conditions for retail nationally led to a minor reduction in our turnover of 3.38%.”
He said careful management of expenses and process improvements helped increase gross margins to 19.85%, from 19.12% before.
On the current financial year, he said: “Trading has been a good bit better and we are hoping for a better level of profitability this year.”