Windfall for Grainfarmers Shareholders
RECORD RETURNS at Grainfarmers this year have left shareholders with a dividend windfall. Pre-tax profits topped 1m, up 26% on the year, and about a quarter has already been returned to farmers.
Chairman Andrew Christie-Miller said: “The board decided to advance the payment of this year’s dividend to October in view of the current low ex-farm prices for feed grains.”
Trade for the year to June 30 was worth £461m, almost double the firm’s throughput in 2002/03.
Managing director Tim Pollock said that higher grain prices, organic growth and the acquisition of Dalgety’s grain marketing business were behind the rise. Dalgety had added £80-£90m to Grainfarmers’ turnover.