Co-op shows financial progress

The Aberdeenshire-based ANM Group – one of Scotland’s leading farming, food and finance co-operatives–hasreportedatrading profit of £572,000, for the past year – and has announced it will pay a discretionary members trading bonus for a fourth consecutive year.

But while pre-tax profit for the year fell to £48,000, compared with £189,000 in 2016, board chairman Pete Watson, said that the group’s balance sheet remained strong – despite standing against a backdrop of increased fixed costs.

He also highlighted the recent increase in share capital which now stood at £6 million, stating that this figure underlined confidence in the future direction of ANM.

“The balance sheet remains strong – with the group reporting a steady increase even before the increase in the value of land owned by the cooperative,” said Watson who added that net assets – excluding the pension scheme deficit cut by £1.6m to £5.376m – amounted to almost £27.5m at the end of 2017.

Chief executive Grant Rogerson added that good progress had been achieved in all areas of the group’s business. He said ANM remained committed to supporting the farming sector with initiatives such as the farm profit programme, Making Livestock Pay, which was being conducted in partnership with the Farmers Journal and the Scottish Government.

Rogerson also said that the group’s core businesses – Aberdeen & Northern Marts and Thainstone Specialist Auctions – had seen an increase in throughput of machinery, specialist and vehicle sales, and also in the livestock division with an increase in the number of sheep while cattle numbers had been maintained.