Sep 27, 2018

First farming profit for Dyson as EU subsidies rise

The farming business of Sir James Dyson, the vacuum cleaner magnate who backed Brexit, turned a profit for the first time last year as it secured higher EU agricultural subsidies. Beeswax Dyson Farming, which comprises 35,000 acres of land throughout Lincolnshire, Oxfordshire and Gloucestershire, reached a milestone in 2017 as it generated pre-tax profit of £747,000, compared to a loss of £1.53m the year before. The business recorded an 11 per cent increase in turnover to £15.7m last year, while cost of sales fell 12 per cent to £7.93m. Financial support from EU schemes totalled £2.8m, up from £2.4m the previous year, because of land purchases. "Beeswax Dyson is a commercial farming business, and receives the subsidies that any similar business would. These subsidies, along with other voluntary action, have ensured very high levels of environmental stewardship and investment." The EU subsidies paid to farmers under its Common Agricultural Policy are one of the bloc's most contentious areas of activity, consuming more than one-third of its €160bn budget.

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