November 11, 2010
Carr's Milling Industries profits from Scottish expansion
UK-based feed manufacturer, Carr's Milling Industries, said that expansion of its premises in Scotland had helped to increase profit growth.
The Carlisle-based company, which is also involved in fertiliser manufacturing and fuel operations in Scotland, saw its pre-tax profits increase by 27.4% to GBP9 million (US$14.5 million) in end-August.
Group sales decreased 1.7% to GBP344 million (US$555.7 million) because there was over-capacity in the milling industry and a drastic increase in wheat prices.
Chief executive, Chris Holmes, explained that the 27% increase indicated strong sales of animal feed in the US and the positive results made by the acquisitions of Northumberland-based feed supplier, Forsyths, AC Burn, and Scotmin Nutrition.
Animal feed supplements business, Scotmin, based in Ayr, and agricultural merchant, AC Burn, which operates in Scotland, were purchased for GBP5.62 million (US$9.08 million).