Pre-tax profits fell to £31.2m despite a 3.6% increase in turnover to £672.5m in the 52 weeks ending 31 July 2010, compared with the 52-week period ending 1 August the previous year. Despite the dip, the directors claimed the financial position of the company had strengthened during the period, with net assets increasing from £37.1m to £47.1m.
The directors warned that increases in feed ingredient prices remained a challenge, but said procedures were in place to bring about operating efficiencies. "The continued drive to reduce cost has put the business in a firm position to capitalise on opportunities as and when they arise," they said.
An interim dividend of £13m was approved during the period.