Company Reports & Accounts
By Roger Dean
NWF Agriculture This company submitted its accounts for the year ending 31 May 2018 on 29th
October 2018. The company is a wholly owned subsidiary of
the NWF Group Plc. According to the Directors, NWF Agriculture is the Number Two
producer of ruminant animal feed in the UK, supplying feed and nutritional advice to farmers from Argyll in Scotland to deepest Cornwall where its transporters are regularly to be seen. NWF Agriculture recorded sales of £160.70 million in the year under
review, an increase of £9.8 million or 6.5 per cent over the previous accounting period. The Directors note that ‘it has been a strong year’ with the company delivering the planned increase in profitability, following the significant investment undertaken in the previous year, including the new mill at Longtown in Cumbria. The company recorded sales of 557,000 tonnes of feed during the year under review as against 564,000 tonnes in the preceding year. A significant fall in indirect costs resulted in a substantial increase in pre-tax profitability during the year under review.
GA Pet Food Partners Ltd This company, previously named Golden Acres Ltd and whose principal activity is the manufacture of prepared pet foods, submitted its accounts for the year ending 27 January 2018 on 30th
October 2018. The company’s Directors state that, given the decision to leave
the European Union at the end of March 2019, the company’s parent undertaking, the GA Petfood Partners Group Ltd, has ‘actively sought and continues to actively establish companies in EU territories to mitigate any risk and provide continued access to the market’. During the year ending 27 January 2018, the company achieved
sales of £113.27 million an increase of £11.68 million compared to the previous accounting period and equivalent to an increase of 11.5 per cent. The equivalent cost of sales rose by £10.94 million or 11 per cent resulting in an increase in the company’s Gross Profitability ratio to 2.3 per cent of sales, compared to 1.8 per cent in the previous accounting period; the 2018 result was also a ten-year high. The increase in Gross Profitability carried through into significant
increase in profitability at the operating and pre-tax levels, the latter equalling the results achieved in 2011 and 2016. The company notes that ‘growth in high value exports continues
to overall operating profit. Asia Pacific, Japan and Russia have been particularly successful’.
Greencoat Ltd This company, formerly named Natural Animal Feeds and whose principal activity is described as the manufacture of prepared feeds for farm animals, submitted its accounts for the year ending 31st 2018 on 31st
March December. PAGE 20 JANUARY/FEBRUARY 2019 FEED COMPOUNDER
Lloyds (Animal) Feeds Ltd This company, whose principal activities are described as grain milling and the manufacture of prepared feeds for farm animals, submitted its accounts for the twelve months ending 31 March 2018 on the 21st
of
December 2018. The company generated sales during the twelve months under
review of £75.66 million, an increase of £6.43 million equivalent to 9.3 per cent. However, the cost of raw materials rose by £6.56 million or 11.4 per cent, resulting in a fall in Gross Margin of £131,000 or 1.1 per cent compared to the previous accounting period. This was attributable to rising raw material costs and an extremely competitive market which inhibited attempts to recover increasing direct costs. Administrative and distribution costs increased during the year
under review by 5.4 per cent and, combined with a fall in other income of almost £1.5 million or 29.1 per cent, this resulted in a sharp fall in operating profits. When a number of other costs are taken into account, pre-tax profitability for the year under review, at £4.02 million, were £2.03 million or 33.5 per cent less than during the previous accounting period, with the pre-tax profit ratio at a four-year low. It should be noted that the relevant financial statements contain
information about Lloyds (Animal) Feeds Ltd as an individual company and do not contain consolidated financial information as the parent of a group. Full information is contained in the consolidated financial statements of its parent company LAF Holdings Ltd.
Comment section is sponsored by Compound Feed Engineering Ltd
www.cfegroup.com
The company recorded a small, 1.3 per cent, decrease in sales
from £15.6 million to £15.4 million; however, the company’s cost of sales increased by 5.4 per cent resulting in a £512,000 or 5.1 per cent decline in the company’s Gross Profit. The result of this development was a Gross Profit ratio of 61.4 per cent, the company’s least favourable result for a decade and a telling testimony to the impact of higher raw material costs in an extremely competitive market. This result also impacted the company’s Operating Cost ratio. The company’s pre-tax profits, at £2.53 million, showed a fall of £553,000 or almost 18 per cent, leading to a pre-tax profit ratio of 16.4 per cent, a seven-year low.
C J Wildbird Foods Ltd This company submitted its accounts for the year ending 31 March 2018 on 22 December 2018. The company’s annual report describes the company’s principal
activity as the ‘design, production and sale of foods and other products for wildlife’. In the twelve months under review, the company achieved sales
of £24.53 million, an increase of £4.59 million or 23 per cent which, according to the Directors’ report, reflected ‘new sales channels coming into operation’. However, the company’s annual report also notes that the company’s cost of sales rose by £3.32 million or 24.3 per cent, further testimony to the impact of rising raw material costs during the year in question. This resulted in the company’s Gross Profit ratio falling from 31.4 per cent in the prior year to 30.7 per cent during the year under review. There were small increases in administrative and distribution costs
amounting to £28,000 or 0.5 per cent. However, the overall result was to increase the company’s pre-tax profits by £1.26 million to just under £1.7 million or an increase of 289.6 per cent, an eminently satisfactory result.
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