Recently in Company results Category

In a drive to cut costs ANM Group is consulting staff at Scotch Premier Meats, Inverurie, about making up to 30 redundancies by early June.

Difficult meat industry trading conditions forced the move, said the company whose annual results recently showed a trading loss of £2.517m in 2011, with the meat business largely to blame.

“This is the start of the process to make our meat operation more efficient and more effective,” said chief executive Pat Machray. “I said at our AGM that there were no easy answers and unfortunately these actions are necessary to help put Scotch Premier Meat back on a sound footing. I regret this involves peoples’ livelihoods but have no choice in the current climate.”

 

South West rural insurer Cornish Mutual saw an increase in premiums of 7% to £17.6m during the year to the end of September 2011.  

The group had a surplus of £5,049 against £291,570 in 2010 and recorded a profit after tax of £336,221, well down on 2010, when the figure was more than £2m.

As at NFU Mutual, poorer performance of investments including unrealised losses accounted largely for the drop in profits.

Mining, minerals, energy and commodities giant Glencore achieved adjusted earnings before interest and tax of almost US $ 5.4bn (£3.4m at 6 March exchange rates) in 2011, according to preliminary results. This was a 2% increase on 2010, giving the company a net income of US $4.06bn (£2.57m).  

Performance in the agricultural divisions in 2011 saw total production and processing in agricultural commodities up by 52% to 6.6m tonnes, but earnings before interest and tax for this division in 2011 fell to a loss of US $8m (£5m) compared to 2010’s record US $659m (£417m).

While grain and seeds performed resiliently, cotton caused significant loss or opportunity cost across the industry, said the company. Negative bio-diesel production margins in Europe also had an impact on the results.

Agricultural supply and specialist retail business Wynnstay Group has revealed its strongest ever set of annual results for the year ending 31 October 2011.

The group has achieved a 42% rise in turnover to £346.18m, driven by increased volumes and contributions from two recent acquisitions - Yorkshire-based Woodheads Seeds in May 2010 and Shropshire’s Wrekin Grain in May 2011. Pre-tax profits increased from £5.88m in 2010 to £6.85 in 2011.

The former co-operative based in Llansantffraid, Mid-Wales, is still farmer controlled with 50% of the company’s 3,804 shareholders being farmers and the remainder outside investors and staff.