Chinese-owned grain trader pushing ahead with plans to increase market share after recording rise in profit
A grain trader which was taken over by a Chinese conglomerate last year has reported a rise in annual profit, despite tough trading conditions and price volatility.
COFCO International UK – formerly Nidera UK – made a pre-tax profit of £337,822 in the 12 months to December 31, up from £319,075 in the previous 15-month period.
The EDP/EADT Top 100 firm’s latest accounts show turnover for the year totalled £323.9m, down from £361.1m in the 15 months prior.
Its strategic report said the Ipswich-based company had to content with increased market volatility through the year – due in part to the weakened pound – which resulted in “significant price movements”.
But the 118-strong firm is still planning to expand its geographical coverage to grow its share of the grain, seed and fertiliser market.
The directors’ report added that the “commitment and hard work of our staff” had been key to its performance.