Simpsons Malt has reported turnover of £158m for 2013, in line with the previous year. Net assets increased by 10% to £55m. Profit before tax dipped slightly to £7.5m, £1.5m lower than 2012.
Managing director Tim McCreath said: “We are pleased to report another set of solid results.”
He went on to explain that it had been a very challenging year for the industry.
“After the very poor harvest of 2012, the conversion from malting barley to malt was the worst we have ever seen, increasing our costs by £1m,” he revealed.
“This together with the challenging fertiliser market in the second half of 2013, attributed to a drop in profits.
“There are however many positives to report including the completion of the company’s four-year £30m investment in the maltings at Berwick-upon-Tweed, in addition to the acquisition of storage facilities at Craigswalls, near Duns in the Scottish Borders, which has a capacity of over 120,000m/t. This investment will further secure continuity and quality of supply of premium malt for our customers.”