ForFarmers first quarter UK feed sales down but overall profits up
11th May 2017 / By Alistair Driver
ForFarmers sold less feed in the UK in the first quarter of 2017, which it blamed on challenging market conditions, including the effect uncertainty over Brexit on investment decisions.
The company’s profitability in the UK was also hit by the strongly devalued pound, compared with the first quarter in 2016, which led to a ‘translation loss’ in its consolidated result (in euros).
However, growth in the Netherlands, Germany and Belgium more than compensated for this, as the company saw a small rise in profitability in the first three months of the year.
“The reported gross profit has increased somewhat, including a significant negative currency translation impact of the devaluated Pound sterling,” the company said in its first quarter trading update.
It also outlined moves it is making to reduce in-feed medication in the UK as part of an overall drive to help farmers reduce antibiotic usage.
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