ADM Agriculture sees increase in 2020 profit
© Tim Scrivener Pre-tax profit jumped to almost £9.2m at feed and grain trader ADM Agriculture in the year ended 31 December 2020.
This followed a £392,000 loss in 2019, which the company said was a year of consolidation, when the grain division was brought under the ADM Agriculture umbrella in April 2019, joining the existing feed commodity division.
Turnover rose slightly in 2020 to £959m, while operating profit rose significantly, to almost £11m compared with just over £2m in the previous year.
See also: Rise in 2020 profit at grain trader Cefetra
The directors’ report said the UK’s departure from the EU had not so far affected business, as all commodities it trades with the EU are tariff-free.
However, it flagged the introduction of the Environmental Land Management scheme, which it said would likely have an effect on agricultural production, but one that was difficult to predict.