INCREASED market share ensured the Harbro Group improved its turnover and profit for the financial year to June 2017.

The Aberdeenshire-based animal feed manufacturing company saw turnover rise by £8.5m on the previous year to £108.9m, with international sales rising £0.5m to £2.8m. Pre-tax profits of £3.7m were reported, again up on the year, by £0.2m with earnings or net income with interest, taxes, depreciation and amortization (EBITDA) rising £0.4m to £6.9m.

“We are delighted with the strong performance of the Group," said managing director, Graham Baxter.

"We have seen increased market share across a number of sectors within the UK despite challenging times.”

During the financial year, Harbro completed the acquisition of their 19th retail store in Elgin and since then have added two new stores following the acquisition of Russell’s Country Stores in late 2017.

“Our Country Store branded retail division has performed well and, with the addition of Elgin, Larbert and Linlithgow, we are now able to offer our customers support in a wider geographical area,” said Mr Baxter.

During the financial year the Group invested £3.7m in capital expenditure with their nett debt increasing by £0.7m.

Finance director Ross Baxter commented: “The increase in our nett debt position was in line with our business plan. This was predominantly due to increased funding requirements as result of an extensive growth capital expenditure programme as well as the acquisition of the Elgin store. These investments will position us well to grow our business across all UK sectors.”

Looking ahead Mr Baxter added: “We feel very positive about the future. As a board we are encouraged by our customers continuing to progress and innovate across all livestock sectors.