Stoddart suffers on cattle prices

PROFITS at meat processor Stoddart’s halved last year after a rise in cattle prices didn’t fully filter through to retail prices, leading to margins being “seriously compromised”, according to accounts filed at Companies House.

The Broxburn-based firm posted a pre-tax profit of £226,796 for the 12 months to 30 November, down from £480,227, while turnover rose to £65.9 million from £60.4m.

Writing in the directors’ report, Martin Dundas, the company secretary said: “An element of this growth was again attributable to inflation as cattle prices continued to rise to record levels.

“Unfortunately, this rise in cattle price was not reflected fully and timeously in the price of wholesale and retail beef and, as a result, margins achieved were seriously compromised.”