Scottish machinery dealer Agricar experienced a 38% drop in pre-tax profits last year.
Accounts filed with Companies House reveal the Forfar-headquartered firm, which specialises in New Holland machinery, posted a pre-tax profit of £332,792 for the year to December 31 2019.
This is down from a pre-tax profit of £535,934 the year before.
Turnover at the firm, which also has depots at Laurencekirk, Blairgowrie, Perth, Dundonald and Stirling, was down 7% to £35.182 million from £37.847m previously.
In a statement accompanying the accounts, Agricar said: “2019 continued to be a very competitive marketplace for us to be trading in. However, as a family business we continued to supply our customers with premium product supported by our highly skilled team.”
The firm employed 116 staff in the year.