A Scottish animal feed firm has hailed a successful year, despite the challenges of Covid-19, with profits up 18%.
The latest accounts for Davidson Brothers (Scotts) Limited, which trades as Davidson Animal Feeds, reveal pre-tax profits of £508,246 for the year to July 31 – up from £431,559 the year before.
The accounts, filed with Companies House, also reveal a slight drop in turnover at the Shotts-based firm to £33.184 million, from £33.346m the year before.
“The company has continued to improve its profitability year on year on consistent turnover levels,” said Davidsons in a report accompanying its accounts.
“Despite the economic backdrop in the year due to Covid-19, and the ongoing unprecendented impact to the economy, the business has traded well throughout this period showing improvement in gross margin and operating profits. As such, the directors are delighted with the performance of the business given these ongoing challenges.”
Davidsons, which employed 63 members of staff in the year, said the animal feed industry continued to experience significant volatility caused by fluctuations in raw material prices and currency markets.
It added: “Despite this, and the current economic climate, we have continued to increase market share in a competitive marketplace.
“The directors are satisfied with the company’s performance and remain confident about its future prospects.”