Investments in potential new carbon neutral projects have led to a fall in profits at a Cheshire farm which supplies major supermarkets and is owned by the Duke of Westminster.
Grosvenor Farms, which is based near Aldford, has reported a pre-tax profit of £190,000 for 2021, down from £825,000 in 2020, according to newly-filed documents.
The farm produces milk and cereal grains and is aiming to become a net zero carbon operation by 2030.
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The company is owned by Hugh Grosvenor, seventh Duke of Westminster, who alongside his family, has a wealth of £9.726bn, according to the most recent Sunday Times Rich List.
Grosvenor Farms said the fall in its profits was due to the additional professional fees for potential new carbon neutral projects in the future, a rise in the cost of feed and forage and higher fuel prices.
Newly-filed documents with Companies House also show the firm's turnover remained static at £11.4m.
In May, BusinessLive reported that the property giant owned by the Duke of Westminster and includes the likes of Liverpool ONE in its portfolio jumped back into the black in 2021.
Grosvenor said a partial recovery in economic conditions and loosening of pandemic restrictions pushed its property revenues higher.
The company, which also has investments in food and agriculture tech, reported a £437.5m pre-tax profit in 2021 after tumbling to a £322.8m loss in the previous year.
The group revealed that revenue profit, the company's preferred metric, for its city centre property activities more than doubled to £99.7m for the year.
Grosvenor's North West portfolio also includes the Abbeystead Estate in Lancashire.
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