Full year figures from NWF Group, the specialist agricultural and distribution business, were in line with expectations as the firm suffered a sharp fall in profits.
Revenue was up 16.5% to £540.2m but pre-tax profits took a dive from £7.6m to £5.1m.
Basic earnings per share down 29.6% to 8.1p and the full year dividend was maintained at 4.5p per share.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm saw falls in both its feeds and fuels divisions.
Feeds showed an operating profit of £2.7m, compared to £4m the year before, while fuels came in at £0.6m, down from £3.3m in 2011.
The firm said feeds were hit by volatility of commodity prices and the high prices impacting farmers.
Meanwhile fuels suffered from an extremely warm winter, high oil prices and a tough economic environment.
"NWF has delivered a profit in line with the Board's expectations and has been successful in reducing debt further than had been expected," said Chief Executive Richard Whiting.
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
