Scotland’s largest independent grain merchant WN Linsday enjoyed flat pre-tax profits at £2.4m in the year to May despite a 19 per cent fall in turnover to £92.5m.

In accounts filed with Companies House, company secretary Keith Henderson warned that the downturn in the drinks industry was expected to have an impact on the company’s trading tonnages and margin.

“However, we consider that we are in a strong position nationally to take advantage of any opportunities that arise,” he said.

Last January, when it posted its previous annual results, the family-owned company warned that its profits could be hit by falling grain prices. In the event, pre-tax profits were static at £2.4m in both years.

The accounts for the year to end May 2015 show that the company paid dividends totalling £450,000 during the year, compared with £750,000 the previous year. Meanwhile, company net debt fell from £4.7m the previous year to £3.5m.

At the same time, the cost of sales fell from £109m to £88m while administrative expenses fell slightly from £2.6m in 2014 to £2.4m in 2015.

The highest paid director enjoyed a 25 per cent rise in pay to £227,546.

WN Lindsay, which employed 47 people during the year, has grain storage sites at Keith in Moray, Stracathro and Forfar in Angus and Gladsmuir in East Lothian.

The company supplies grain to whisky distillers Chivas and Diageo as well as porridge company Quaker.