Company update: Profits soar for Harbro Group
Animal feed and farm supply firm Harbro Group has reported double-digit sales and profit growth for the 2013 year ending June 30.
The Turriff, Aberdeenshire-based company said 2013 was an “excellent year” for the group, helped by increased volume sales during the winter of 2012/13, market growth and increased penetration in the English and European market.
Sales rose nearly 23% on the previous year to £104.7 million (€127.7 mln) and pre-tax profits rose 75%. The bulk of sales – £103.7 million (€126.5 mln) – were generated in the UK market, though sales in Europe.
Harbro Group anticipates “significant investment” will be required in the next two years at mills in Birkhill, Lanarkshire and Tore, Inverness, with will include improvements to site infrastructure and modernisation of the production process.
Harbro also notes two deals agreed after the year-end reporting period: a £254,000 (€310,000) deal to acquire Camling Farm Shop and the group acquiring the remaining 24% stake in Transpan Ltd for a total consideration of £250,000 (€305,000).
Headcount at Harbro Group rose to 328 last year, up from 288 at the end of the 2012 year.
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