GRAIN MERCHANT Gleadell Agriculture saw profits slip by more than one-third in the year to the end of June 2004, despite recording its highest-ever turnover.

The Lincs-based company announced pre-tax profits of £1.035m, down from £1.6m the previous year.

In the same period, turnover increased to £120m, largely reflecting the higher value of the 1.5m tonnes of crops traded.

But volume was slightly down on the previous year, reflecting the smaller national crop, as was margin, said managing director Jon Duffy.

“We have seen steady progress in the company, with our market share increasing along with our retail sales in both seed and fertiliser,” he added.

Continued reinvestment, coupled with knowledge gleaned from Gleadell‘s two owners, international traders AC Toepfer and Union InVivo, meant the company was well placed to face a challenging few years, said Mr Duffy.