Berwick-based Simpsons Malt has reported a solid set of results for 2013 with turnover at £158m, in line with the previous year.
The balance sheet for the family-owned maltster strengthened significantly with net assets increasing by 10% to £55m. Profit before tax dipped slightly however, to £7.5m, £1.5m lower than the previous year.
Managing director, Tim McCreath said: “We are pleased to report another set of solid results in a very challenging year for the industry. After the very poor harvest of 2012, the conversion from malting barley to malt was the worst we have seen, increasing our costs by £1m. This together with the challenging fertiliser market, attributed to a drop in profits.
“There are however, many positives to report including the completion of the company’s four-year £30m investment in the maltings at Berwick, in addition to the acquisition of storage facilities at Craigswalls, near Duns, which has a capacity of over 120,000m/t. This investment will further secure continuity and quality of supply of premium malt for our customers.”