Forfar Mart posts first profit in seven years

BUSINESS: Livestock mart chairman says improvement due to increased cattle numbers and watching overheads

Forfar Mart made a profit in 2018 for the first time in seven years, according to the latest accounts from livestock mart owners Lawrie & Symington.

Company chairman Brian Dickie attributed the improved performance to increased cattle numbers and a “keen eye” on controlling overheads.

However, in his report in the accounts for the year ended December 31 2018, Mr Dickie said it had been a challenging year for the Lawrie & Symington business due to both internal and external pressures, which include a backdrop of falling cattle and sheep numbers sold through Scottish markets.

Mr Dickie added: “Despite the reduction in livestock numbers generally, we have achieved increased market share in both sheep and cattle sales of 2.5% and 1/1% respectively.”

The company’s financial performance has improved on the year, with a turnover of £3.71 million in 2018 against £3.58m in 2017. Pre-tax profit was £173,375 (£65,979).

Lawrie & Symington sold premises at Blairgowrie during the year and aim to conclude the sale of development land at Peebles, which Mr Dickie said would put the company in a stronger position to pay an enhanced dividend.

He said that the company had undertaken staff reorganisation projects in 2018, which incurred costs, although the full impact on the bottom line would not be realised until this year or later.

Significant resources were also invested in the health and safety management of the business to ensure full compliance with regulations.

“Additionally we have invested in new finance processes and IT systems to ensure timely, accurate and efficient processing of information and to make sure we keep pace with our competitors and are able to quickly adapt to changes within the industry,” he stated.

Mr Dickie warned that he anticipates further challenges to the successful trading of the business as a result of the political uncertainty surrounding Brexit.

Despite the reduction in livestock numbers generally, we have achieved increased market share in both sheep and cattle. COMPANY CHAIRMAN BRIAN DICKIE

Picture: Paul Smith. Auctioneer Daniel Johnston conducting business at Forfar Mart.