2Agriculture has reported an annual reduction in turnover and profit for the year ending 30 December 2023.
The feed and live bird supplier reported a profit after taxation of £4.7 million during the period, down from £6.8 million the previous year.
Turnover during the year fell too, by £6.7 million, to £492.7 million. The fall was driven by a reduction in feed sales, the company said, although a small uplift in live bird sales softened the impact.
The reduction in feed sales is a reflection of the drop in price of around 3% year on year. Raw materials have come down significantly in price since the spikes of up to 29% in 2022, driven by the war in Ukraine causing turbulence in international grain markets.
Live bird sales were up 1% year on year, and the price remained static.