AGRICULTURAL sundries and agchem supplier CWG has announced a 13% fall in turnover in 1997, down to £24m compared with 27.5m in 1996.
Trading profit fell 73% to £110,000, says managing director John Tomalin. The results are largely due to the loss of 10 arable staff to competitors, the continuing effects of BSE and the general downturn in agricultural income over the past 12 months, he adds.
Despite rumours to the contrary, the farmer-owned co-operative has no plans to sell its transport fleet to offset the poor figures. Suggestions that members may wish to avoid further losses by cashing shares are also unfounded, Mr Tomalin maintains.
The Stamford, Lincs-based company remains financially sound, with access to £3.25m of members capital as well as property assets, he says. However, the 7500 members will not receive the usual 1.5-2% bonus this year, though interest on shareholdings is up 0.5% to 4.5%.