Revenue up by almost 50% at ADM Agriculture in 2022
© Tim Scrivener Total revenue at feed and grain trader ADM Agriculture increased by 47% in 2022 compared with the previous year.
It totalled £1.6bn for the year ending 31 December 2022, while cost of sales reached £1.57bn.
Pre-tax profits totalled £4.3m, which is down on the previous year’s £5.1m due to a one-off expense of £3.4m related to the early termination of a lease.
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The business benefited from higher cereal production in the UK during 2022 and increased volumes of grain exports to Spain.
ADM director Jonathan Lane said in the strategic report that the company’s performance had been strong, helped by an increase in volumes with a particular growth in market share in the UK grain market.
“The Ukraine-Russia conflict created significant volatility in the markets, which the business managed successfully, although with certain restrictions in availability of some feed products from the region,” he added.
The UK accounted for £1.34bn of the company’s turnover, with Europe accounting for £261m and the rest of the world for the remaining £1.6m.