A major UK malster has increased its profits despite the loss of a major customer contract last year.
New Companies House filings show Essex-based Bairds Malt suffered a slight dip in revenues in the year to September 30 but profits grew.
The group – which is a major employer in Angus through its maltings and laboratory operation at Elliot Industrial Estate in Arbroath – generated income of £187.4 million in the period, down from £189.7m in 2016.
However, pre-tax profits came in at £4.53m, up from £3.55m in 2016.
The company employed an average of more than 220 staff across its six locations, which include four Scottish sites.
Company secretary Brett Weimann flagged a 3% rise in beer derived sales but said whisky volumes had fallen.
“Overall, the margin percentage achieved in malting this financial year has decreased year on year princiapply due to competitive pressure in the malting division on processing fees as the company sought to replace the loss of a key customer contract,” Mr Weimann said in his strategic report.
“The malting market is continuing to be be very competitive into the new financial year.”