Saxon Agriculture quadruples its profits to £4m
© Tim Scrivener Higher revenue and reduced administrative expenses helped grain and oilseeds merchant Saxon Agriculture make a profit before tax of £4.17m for the year ending 30 September 2022.
This is compared with the £1.04m the Norfolk-based trader made in 2021.
Profits were driven by the experience of the management and staff dealing with all aspects of supply chain relationships, as well as having a diverse range of operations, said company director Ian Morrison.
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Total revenue at the firm increased by £17.58m to stand at £137.9m for the same period, while the cost of sales increased by a slightly more modest £14.29m.
Despite paying more tax than the previous year, profit for the financial year after tax was still notably higher at £3.35m.
Mr Morrison said: “The directors consider the company to be well positioned to manage risk and address commodity price movements across its international network.”
Increased profit margins were achieved against a backdrop of significant disruption to global grain markets resulting from geopolitical instability, Covid and regional weather events – including droughts and flooding – according to the strategic report.
Saxon Agriculture is owned by Australian-based parent company GrainCorp.