Insider Media Limited

Shropshire farm food producer LAF Holdings, which owns Lloyd's Animal Feeds, has upped turnover and pre-tax profit but warned of being in a "very competitive market".

LAF, which is headquartered in Oswestry, has mills across the UK including in Shropshire; Langport, Somerset; Darlington and Wrexham.

In accounts recently filed at Companies House, LAF revealed a pre-tax profit of £12.95m for the 12 months to 31 March 2011 - up on the previous year's figure of £11.99m. Turnover was also up from £216.71m to £243.47m. Operating profit was £10.26m - up on the previous year's £9.34m.

The directors said in their report that performance in scrutinised areas such as like-for-like sales and cash generation were "in line with expectations of the board".

They said: "The directors expect the general level of activity to continue for the foreseeable future. The group operates in a very competitive market which is a continuing risk and may result in sales being lost to competitors.

"The group manages this risk by providing excellent service in all of its activities."

LAF Holdings specialises in the production of animal feedstuffs, eggs, food processing and trading, polutry rearing and waste disposal services.

An interim dividend of £35 per share was paid during 2010 leading to a total of £350,000 but no final dividend payment was recommended.

LAF has various subsidiary businesses in its porfolio including Lloyd's Animal Feeds. Other companies include Country Fresh Pullets, Country Fresh Broilers, Alan's Skip Hire, Feedco, GLM Trading, Highbury Poultry Farm Produce, Hyton Poultry, Llynclys Farm, Posterflair, Smartstage, Tanat Valley Foods and Vic Thorman (Pullets).