E-Malt.com News article: 3421

UK: Norfolk-based Anglia Malt-ings has reported a slight drop in profits, in the face of rising energy prices and increased competition. According to accounts filed at Companies House, the firm saw operating profits for 2003 slip to £3.6m from £3.8m a year earlier, EDP Business revealed on October 7. Turnover for the same period climbed from £48.9m to £51.9m as it increased its malt capacity after the acquisition of Alloa Maltings during 2002.

Anglia Maltings, based at Great Ryburgh, near Fakenham, is the UK's leading independent maltster. With a staff of 295, the firm operates malting centres at Great Ryburgh, Ditchingham, near Bungay, and two sites in Scotland - Alloa on the Firth of Forth and Port Gordon, near Buckle, Aberdeen. It also runs a haulage operation to transport its malt and other products. Anglia's malt is popular with traditional brewers all over the UK, including many of the country's award- winning real ale producers. At Ryburgh the firm operates a modern malting facility alongside one of the country's last remaining floor maltings. These require every tonne of malt to be made and turned by hand.

Malted barley produced by the group is popular among overseas brewers, especially in the United States, and Anglia also exports to Hong Kong, China and Thailand. But the strength of the pound meant its exports slipped to £14.7m in 2003 from £17.9m a year earlier. The firm has continued to invest in its production facili-ties, spending almost £3m on capital projects in 2003. The report of the directors said: "The increased malting capacity (following the acquisition of Alloa Maltings during 2002) was fully prod-uced and delivered during the year. "The malt products division also expanded its customer base considerably, particu-larly in the export sector. "Profit margins were slightly reduced, however, due to escalating energy costs and strong competition in the market place."

Anglia paid dividends of £792,000 during 2003 to shareholders, up from £598,000 a year earlier. That equated to 16.16p a share, up from 12.2p a year earlier. At the bottom line, pre-tax profits were £3.1m compared with £3.2m a year earlier.


10 October, 2004