Higher costs dent Oakes’ profits
CHESHIRE animal feed manufacturer Oakes Millers has blamed tough competition and higher energy bills for a sharp drop in profits.
In its latest accounts the business, which operates from Congleton and Nantwich, said pre-tax profits fell from £1.2m to £289,126. Sales dropped 8% to £54m during the year to August 31.
The company, which dates its history back to 1675, trades as HJ Lea Oakes. It supplies farms across the North West, Wales and the Midlands, and also runs a chain of pet food superstores.
In their report the directors said: “The market in which the group operates has continued to be highly competitive with volatile commodity markets, escalating energy costs, coupled with a substantial over-capacity, all combining to make the year challenging.
“The group has nevertheless continued to invest in its production and distribution facilities and, with two of the most modern and up-to-date mills in the UK, is well placed to take advantage of opportunities as and when they arise.”
The business employed 106 people during the year and paid tribute to their, “professionalism, hard work and effort”. According to the company HJ Lea Oakes is the longest established independent animal feed manufacturer in Britain.
