Increased annual profits for Suffolk-based Easey Pigs ahead of acquisition by Tulip
PUBLISHED: 11:44 02 January 2018 | UPDATED: 11:44 02 January 2018
Suffolk-based Easey Pigs, which was acquired last September by Tulip, has reported increased profits for its last full year as an independent business.
Figures filed at Companies House show that Hoxne-based Easey achieved a gross profit of £8.176m in the year to February 28, 2017, up from £3.590m the previous year, despite a dip in turnover to £65.011m from £67.139m a year earlier.
Pre-tax profit, taking into account administrative costs and interest charges, came in at £5.248m against £673,815 the previous year.
Farming entrepreneur Malcolm Easey, who died last year aged 76, built up his father Joe’s small mixed farm to become a major player, providing work for a further 175 farmers across the UK, including many in Suffolk and Norfolk, who were contracted to look after the animals on the company’s behalf.
Tulip is part of Danish Crown, a co-operative owned by 7,600 Danish member farmers which ranks as Europe’s largest pork processor.
Danish Crown chief executive Jais Valeur said at the time of the deal the acquisition of Easey was part of measures designed to Brexit-proof the business.