Berwick-based Simpsons Malt has reported a positive set of results in its 150th year of trading, with an increase in both turnover and profit before tax.
The company’s latest annual report has revealed that turnover in the year ended December 31 2012 was £158 million, compared with £135 million the previous year.
The profit before tax came out at £9 million - up £200,000 on the previous year.
Managing director Tim McCreath said: “We are pleased to report a creditable financial performance in a milestone year for the company.
“Our malting division, Simpsons Malt, benefited from our continued investment and the strength of the Scotch whisky industry whose production levels during 2012 were at an all time high.”
The company’s merchanting division - McCreath, Simpson & Prentice (MSP) - suffered due to the impact of the wet harvest period in autumn 2012. However the balance sheet remained in good health with Net Assets increasing by 11 percent to £50 million, from £45 million the previous year.
“Conditions during autumn 2012 meant it was always going to take two years before rotations were going to return to ‘normal’,” Mr McCreath said.
“We are however starting to see the benefits of acquiring John Guthrie Ltd in 2011, which gives us a larger customer base of malting barley growers in a greater geographical area.”
Looking ahead, Mr McCreath added: “2013 sees the completion of a four-year £30m investment in our malting facility in Berwick-upon-Tweed which makes it one of the largest single malting plants in Europe.”