Sidney Banks dips on farming decline
SIDNEY BANKS, the grain and agricultural merchant, reported operating profits down from £2.98 million to £2.69m – on turnover down from £387m to £307m – in the year to 30 April.
The company said there was a fall in the value of farming outputs and it had withdrawn from high-turnover, low-margin exports.
Pre-tax profits rose from £3.07m to £3.89m, reflecting reduced interest charges, gains on disposals and rising profits from associates.
- Financial Times 16/07/99 page 24 (News Digest)