Ipswich: Record profit for grain company Nidera
SUFFOLK-based grain company Nidera UK Ltd has reported record profits for the year ending September 2011, against the background of a volatile cereals market.
The Ipswich company made pre-tax profits of �3.1million in the year to September 30 on turnover of �312m, an increase of 29% on the previous year. All profit was retained within the business.
Substantial increases in commodity prices, further expansion into the UK grain market and a growing seed and fertiliser business drove turnover to this record figure.
“A strong financial performance combined with record positive growth in all aspects of the business ensured 2010-11 was a year of great achievement for Nidera UK,” said commercial director Simon Wallace.
“Our grain operations continue to drive the business, but the significant strides forward in our seed and fertiliser operations contributed to this substantial result.
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“Despite the challenging environment we continue to invest in our core operations to ensure that we continue to deliver first class service, up to date market intelligence and strong, long term working relationships with farmers and supply chain customers.”
Nidera is one of the leading grain, seed and fertiliser merchants in the UK and is part of a global trading business employing more than 3,800 people in more than 20 countries.
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“We’re looking forward to another strong year and further growth and we will continue to support, develop and maintain effective and sustainable relationships with our grain, seed and fertiliser customers,” added Mr Wallace.