2020 profit fall for Dyson farming business

Extreme weather pushed profit down for James Dyson’s Beeswax Dyson Farming business in the year ended December 2020, as it did for many others.

Pre-tax profit fell by more than a third to £2.2m, while turnover rose to £30.2m compared with £28.3m the previous year. Within this, the sale of farm produce accounted for almost £21.8m compared with £19.7m the previous year.

The bad weather reduced income potential and added costs, the company said in its annual report, which shows direct production costs rising by about 50%.

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Cropping is being developed to add higher-value crops, and the potential to increase margins by selling direct to consumers is also being investigated, the report says.

Energy sales are an important revenue stream, accounting for income of £6m in 2020. A glasshouse linked to an AD plant was completed during 2020, further diversifying revenue sources and in preparation for the launch of a national consumer brand.  

The business also has residential and commercial property income of £2m, some of which is from land rents, and a crop management advice arm called Green Crop Information.

The value of the company’s net assets rose to £569m in 2020 compared with £547m the previous year. In March this year the company changed its name to Dyson Farming.