Simpsons Malt and agricultural trading division McCreath, Simpson & Prentice (MSP) credit a positive end of year mainly on increasing sales into the global brewing industry and continuing strong demand from distilling customers.
With headquarters in Berwick-upon-Tweed and another malting plant at Tivetshall St Margaret in Norfolk, Simpsons Malt continued to invest heavily in the business spending £6.9 million primarily on specialty malt production infrastructure and packaging facilities. Over £70 million has been invested in both plants since 2006.
A marginal decrease in profit before tax was reported, to £9.9 million from £10.4m, for the financial year ending on 31st December 2015 with turnover dipping only slightly to £160.7 million from £168.7m.
Commenting on the figures and investments, Simpsons Malt’s Managing Director, Tim McCreath said: “A strong home market for malt coupled with increased exports continue to drive the business, with sales surpassing the record high volumes achieved in 2014. The prospects for our malting business remain positive as we aim to benefit from the steady growth in the specialised and increasingly global craft brewing market. This lends itself to Simpsons Malt’s innovation in speciality malt.
“We will continue our strategy for growth by continuing to invest in our malting facilities to further secure home markets while developing global opportunities, particularly in North America. Our people are essential to this success and we will continue to invest in training and development in order to service our customers at the highest level.”