Elders plunged to its worst result in a decade after farmers rushed to sell cattle last year, driven by dire Bureau of Meteorology predictions of extended hot and dry conditions.

Elders chief executive Mark Allison said on Monday that the 76 per cent slump in profits to $11.6 million in the six months ended March 31 was likely to be a one-off, with an upturn in trading in April. But he said the incorrect prediction of El Niño weather conditions was a key factor in the agribusiness group’s poor result.