Climbing grain prices lift profits for Inglis

Alexander Inglis, the grain dealership founded by former Scotland rugby captain Jim Aitken, saw strong growth in profits last year against a drop in turnover.

The company said the results reflected "the margins and prices generally available in cereal trading" and pointed out that turnover can fluctuate from year to year depending on the quality of grain harvests and market prices.

Turnover fell by 14.6 per cent to 45.1 million in the year to 31 October but pre-tax profits soared to 1.96m from 626,000.

"The group remains in a good position to take advantage of any opportunities which may arise in the future," said the directors in their report.

During the year the company, based at Ormiston, East Lothian, bought rival Tayside Grain Company in Perth in a move to consolidate its position in the market.

Net assets increased by 3.5m to 11.6m following a revaluation of the company's land and buildings. During the year the company donated 5,000 to the Conservative Party.

The highest paid director at the company received 205,350, up from 182,121 the previous year. Aitken went into business after captaining Scotland to its first rugby Grand Slam in 59 years in 1984.

He sold his Scotmalt firm to malt derivatives merchants Munton in 2003 before building Alexander Inglis into one of Scotland's largest grain merchants.