4 August 1995

Banks profits down 20%

AGRICULTURAL merchant Sydney C Banks has announced a 20% fall in after-tax profits to £2.2m in the year ending Apr 30, 1995. Turnover over the same period grew from £231m to £244m.

The decline, says the company, was due to the exceptional gains made in the previous year from stock held at the time of the UKs withdrawal from the exchange rate mechanism. It said that performance during 1994/95 was "most satisfactory given the market conditions", adding that the reduction in set-aside area should also now benefit the company.

&#8226 Sidney C Banks has formed a new trading division, Banks Agriculture, which will take over the activities of Banks of Sandy, Banks Odam Dennick, Banks Howsam, Sam Fletcher and Hi-Yield. &#42