Family-run Norwich animal feeds firm Duffields reports pressure on margins
- Credit: Copyright: Archant 2015
A family-run animal feeds firm has seen margins squeezed as it reported a fall in profits.
EDP/EADT Top 100 company Duffields saw its pre-tax profits drop to £1.68m, from £2.24m, for the 12 months to September 24 2016, according to accounts recently filed at Companies House.
The business, which has been led by the Duffield family for more than 125 years, increased turnover by £2.2m to £59.78m in the period thanks to the acquisition of Riverside Feeds.
However, according to its directors' strategic report, a fall in cost of raw materials has put pressure upon its margins.
Duffields, which has its headquarters at Saxlingham Thorpe Mills, south of Norwich, said like-for-like sales had remained consistent and the company would focus on cost efficiencies and maximising margins.
The firm added the main risks facing the group were related to the volatile raw materials market.