ForFarmers UK has reported an annual loss after taxation of £167,000 for the year ending 31 December 2022. This compares to a profit of £2.53 million the previous year.
Turnover during the period was £677.7 million, compared to £557.7 million the year before. The cost of sales reached £611.2 million, far higher than the previous year, when the corresponding figure was £499.5 million. This was largely due to an increase in price of raw materials, as a result of the Russian invasion of Ukraine, a major producer and exporter of grain.
The company, whose principle activity is the manufacture and sale of animal feed, said its parent company ForFarmers NV will provide additional financial support to enable ForFarmers UK to meet its financial liabilities.
At the start of July 2022, ForFarmers announced plans to enter into a joint venture with 2Agriculture in the UK. This was abandoned in 2023, following concerns raised by the Competition and Markets Authority.
