Profits fell by 14% at Scotland’s largest egg producer last year.
Accounts for Glenrath Farms Limited, which is run by Sir John Campbell and his family from its base at West Linton in the Borders, reveal the company posted pre-tax profits of £5.518 million for the year ended May 31 2018. This is down from £6.404m the year before.
The accounts, filed with Companies House, also reveal a slight increase in turnover to £53.3m, from £52.613m previously.
In his report accompanying the accounts, Sir John said the company had achieved a “very good result” given the present economic climate and market circumstances.
“The results were achieved in a very competitive market,” he added.
“Smaller packers selling directly to the larger retailers continue to remain very competitive in the market place.
“Fortunately, the group remains in a very strong position to compete in the market place and we are reacting to the challenges we face.”
He said colony production was set to cease in the UK, and Europe, by 2025 or earlier.
“We are continuing with our commitment to replace our colony production to barn production at a cost of £25 per bird,” added Sir John.
“However, there is a challenge with floor eggs in converted units.”
He said previous investment in the company’s processing facilities had proved to be a sound investment and weekly tonnage had increased significantly in the past 12 months, utilising second quality eggs.
“The liquid egg market is extremely competitive,” added Sir John.
“We have further invested in this part of the business during the year.”
The accounts also reveal the firm, which employed an average of 220 staff during the year, increased the value of its net assets by 6% to £81.492m.
The highest-paid unnamed director took home a pay cheque of £186,875 – up from £161,875 before.
Glenrath produces a range of different egg ranges including Cage Free, Big and Scottish, Glenrath Eggs, Kitty Campbell’s Free Range Eggs and Glenrath Double Yolkers.
