ANNUAL REPORT ANNOUNCEMENT
27 Mar 2018
One of the UK’s leading animal feed manufacturers, The Harbro Group Ltd, has reported increased turnover and profit for the financial year to June 2017. The Aberdeenshire head-quartered company’s turnover increased by £8.5 million over the previous year to £108.9 million. International sales increased to £2.8 million, up £0.5milliion on 2016. A pre-tax profit of £3.7million was reported in the year, this is an increase of £0.2m on 2016. EBITDA of £6.9m is £0.4m up on last year.
Managing director Graham Baxter said “We are delighted with the strong performance of the Group. We have seen increased market share across a number of sectors within the UK despite challenging times.”
During the financial year, the Harbro Group completed the acquisition of their nineteenth retail store in Elgin and since then have added two new stores in central Scotland following the acquisition of Russell’s Country Stores in late 2017.
Graham Baxter added, “Our Country Store branded retail division has performed well and, with the addition of Elgin, Larbert and Linlithgow, we are now able to offer our customers support in a wider geographical area.”
During the financial year the Group invested £3.7million in capital expenditure and the Group’s net debt position increased by £0.7million.
Finance Director Ross Baxter commented “The increase in our net debt position was in line with our business plan. This was predominantly due to increased funding requirements as result of an extensive growth capital expenditure program as well as the acquisition of the Elgin store. These investments will position us well to grow our business across all UK sectors.”
Looking to current trading and the future, Graham Baxter said “We feel very positive about the future. As a board we are encouraged by our customers continuing to progress and innovate across all livestock sectors. As one of the UK’s leading animal nutrition companies, we remain committed to providing high quality feed and livestock products backed up with excellent technical support.”