The Press and Journal (Inverness, Highlands, and Islands)
No beef about meat company’ s boost in profits
Accounts: Millers of Speyside record decent rise
One of Scotland’s smallest meat processors enjoyed a boost in profits last year despite a 9% drop in turnover.
Grantown-based Millers of Speyside posted a pre-tax profit of £315,683 for the year to January 31 2020. This is up from a pre-tax profit of £305,998 the year before.
The accounts, filed with Companies House, reveal a drop in turnover to £16.88 million, from £18.49m previously.
Sales in the company’s main market – the UK – were down to £13.056m, from £14.84m before, while sales to Europe and Asia were up slightly to £3.477m and £346,334 respectively.
In a report accompanying the accounts, managing director Sandy Milne said he was pleased with the company’s performance and it was similar to other businesses in the same sector, of similar size.
He said the company’s gross margin increased by 2.38% in the year due to the price of cattle, while its net asset position strengthened to £1.47m, from £1.37m previously.
“The business environment in which we operate continues to be challenging and competitive,” said Mr Milne.
“This is unlikely to change for the foreseeable future.”
He said the company had been operational throughout the Covid-19 crisis and he believed it would continue to operate safely, while adhering to social distancing requirements, for the remainder of the pandemic.
On the issue of Brexit, Mr Milne was upbeat despite saying the UK’s exit from Europe continued to pose a risk to labour supply and future exports.
“If there is not a trade agreement then the opportunities that presents us within the United Kingdom should offset the reduction in our EU exports market,” added Mr Milne.
The accounts also reveal the firm, which slaughters both cattle and pigs for the wholesale and private domestic markets, employed an average of 32 staff in the year.