Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Harbro hails strong performance despite drop in turnover and profits

Graham Baxter serves a customer
Graham Baxter serves a customer

Scotland’s largest animal feed manufacturer has hailed a successful year despite challenging trading conditions resulting in a £2.5million drop in turnover.

Turriff-headquartered Harbro Group, which produces 230,000 tonnes of animal feed in Scotland every year, posted turnover of £102.153million for the year ended June 30, 2014.

This was against a 22% drop in pre-tax profits to £3.121million, from £4million previously.

The business, which also includes Feedmix and Strathclyde Nutrition, hailed a boost in exports with sales to Europe and the USA up 50% to £1.5million.

Managing director Graham Baxter said the international and retail business – the group has 18 retail outlets – had helped offset reduced profitability in the UK feed business.

Mild winter weather in the year had resulted in a drop in turnover, as the cold winter the year before had boosted sales, added Mr Baxter.

During the year, the group completed the acquisition of retail and agricultural supplies business RH Miller Agriculture, which added three retail outlets to the group’s portfolio in the Borders.

The group also added £1.5million to its turnover with the purchase of the assets of JRK Campbell, resulting in another retail site being added to the business.

Group finance director, Ross Baxter – Mr Baxter’s son – said the group had restructured its term loan facilities during the year to allow access to more working capital.

Capital expenditure in the year reached £2.8million, of which £1.5million was spent on a wind turbine at the Birkhill mill in Lanarkshire.

On future plans for the group, which employs 361 people, Ross Baxter said: “Our strategy is to increase market share both in the UK and internationally, whilst not losing focus on our operational processes.

“It is essential that we continue to ensure that the company is operating in an efficient and effective manner.”

The father and son duo said the group was on track for growth in the current financial year, though it remained concerned about the crisis in the dairy sector.

Graham Baxter said: “Despite a mild start to the winter and the challenges facing the industry, the Group is performing in line with business plan expectations.

“We are particularly encouraged by the resilience of our customers and the progressive approach the industry takes in difficult times.”

Last week, another Scots animal feed firm – Davidsons Animal Feeds – hailed a successful year despite posting a 19% drop in turnover.

The Shotts-based firm, which delivers ruminant feed across Scotland, recorded turnover of £28.908million in the year ending July 31, 2014, compared with £35.715million the year before.

Pre-tax profits were £239,294, compared with £430,467 the year before.

Already a subscriber? Sign in

[[title]]

[[text]]