Annual sales rose 5.2% at beef and lamb supplier Scotbeef, driven by positive growth in the UK as international revenues dropped.
Accounts filed at Companies House for parent company JW Galloway showed revenues of £367.8m, up from £349.5m the previous year.
The company attributed the positive performance to the strength of its UK operations, while the uncertainty of Brexit negotiations “made export markets very challenging”, it added.
UK sales, accounting for 90% of total turnover, rose 7.4% to £330.9m. European export sales, however, slumped 11% to £36.9m.
Brexit was highlighted as one of the key concerns for the business, alongside livestock availability and animal health.
Pre-tax profits increased 3.7% during the 12-month period, to £8.5m.
Looking ahead, Scotbeef, which last year invested £4.7m in plant and equipment, said it would continue to invest “heavily” in production development, aiming at “increasing its and its customer’s market share”.
“The directors remain confident that the group is well placed to continue to grow and trade successfully,” director John Robert Galloway concluded, writing in the accounts.
No comments yet