For the last full financial year, 2Agriculture Ltd generated sales of just under GBP450 million (US$605 million). This is for the 52 weeks to December 28, 2024, and according to accounts submitted to the official register of U.K. companies.
Compared to the previous period (ended December 30, 2023), this figure represented a drop of 8.7%, or around GBP42,800.
Most of this reduction is attributed to lower feed sales, which increased 1% in volume but were down 11% in value due to lower feed ingredient prices for the latest 12-month period. The firm’s other main business — live poultry trading — accounted for around GBP2.3 million of the dip in sales, which arose from increased internal sales through 2 Agriculture Farming Ltd.
For 2024, 2Agriculture reports a significant year-on-year reduction in the cost of sales, likely linked to market developments already outlined. As a result, operating profit improved by more than GBP2 million to GBP8.89 million.
At 10.4%, gross margin was 1.1% higher than the 9.3% reported for the period ended December 2023.
More on 2Agriculture Ltd
Annual production of one million metric tons puts 2Agriculture among the largest feed producers in Europe, according to Feed Strategy’s Top Feed Companies survey for 2023. The firm has the second-largest output of those based in the United Kingdom (U.K.).
Specializing in diets for poultry, the company produces feeds for broilers, broiler breeders, laying hens, ducks and turkeys.
An independent milling business, 2Agriculture Ltd was founded around 50 years ago, according to its web site.
With a workforce of around 350, it now operates seven feed mills for monogastric animals across England, Scotland, and North Wales. It also has an extrusion plant in the east English county of Cambridgeshire, which produces specialty ingredients for its poultry feeds, as well as a fleet of delivery vehicles.
The firm’s head office is located in Newbridge, near Edinburgh, Scotland.
Earlier this year, the U.K. market regulator provisionally cleared the acquisition of two ForFarmers’ feed mills by Boparan Private Office, of which 2 Agriculture is a subsidiary. This added two feed mills to its operations — at Burston in Norfolk, and Radstock in Somerset.
For the previous financial year (2023), 2Agriculture Ltd also reported year-on-year improvements in operating profit and gross margin, despite a dip in revenue.
