Food, fuel and animal feed supplier NWF Group saw a rise of almost 10% in turnover to £671.3m in the year ended 31 May 2019.
However, profit before tax was slightly down at £9.7m (£10.2m in previous year) after an exceptional expense of £500,000.
Net debt at the group, originally a farmer-owned co-operative, doubled to £10.4m, reflecting net capital expenditure of £2.8m, and £4.5m of net acquisition expenditure.
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Profit in the feeds business fell, with high demand over the dry summer of 2018 followed by weaker demand over the mild 2018/19 winter, reducing demand for sheep feed in particular.
Overall feed demand was stable at just under 600,000t.
Among its assessment of risk, the company warned that uncertainty around the implications of the UK leaving the European Union and potential associated exchange rate volatility created commodity price risk.
It also flagged uncertainty around demand in agriculture, given the trading relationship with Europe and the subsidy support received by farmers.