Farming cooperative in strong place to fight Covid-19

● Aberdeenshire group highlights solid 2019 outcome ● Continuing to invest in business and technology

ANM Group, the Aberdeenshire farming co-operative, said it had delivered solid fullyear figures, adding that it was in a strong position to withstand the challenges of coronavirus.

Publishing its annual report to 31 December 2019, the Thainstone-based co-operative posting a trading profit for the year of £245,000. Share capital at year end had increased by £309,000 to just under £6.84 million, with an overall increase in balance sheet value of £1.3m.

The results were delivered against a backdrop of uncertainty over Brexit, as well as continuing pressure on livestock selling prices and the impact of rising external cost pressures, bosses noted. As a result, trading profit was down from the 2018 figure of £498,000.

ANM Group chairman Peter Watson said: “This is a very welcome trading surplus for the year, given the challenges and drop in values across the wider livestock industry.

“The further increase in share capital this year is outstanding testament to the confidence that members of the co-operative have in our business.”

Chief executive Grant Rogerson said: “Our annual results demonstrate that the fundamental commitment on which our co-operative is founded – delivering for our members, customers and community – has served us well despite a very challenging background. Given today’s unprecedented trading environment, that solid foundation will continue to underpin all that we do.

“We continue to benefit from the diversity of our operations across all our group activities. The strength and hard work of the teams across our livestock, specialist auctions, estates and events businesses has resulted in a very satisfactory set of trading figures for 2019.

“Our drive to innovate will continue – this year has seen further investment in our property portfolio, strengthening assets and our balance sheet. Long-term projects like the Thainstone Business Park extension will continue to drive future value for the group and the regional economy.”

He added: “We are confident that ANM is in a strong position to withstand the challenges of coronavirus, and are rigorously implementing new industry guidelines on safe operation through the pandemic.

“This is clearly not business as usual, and the pandemic does bring uncertainty, but our full service is available for selling through the ring at Thainstone and Caithness. In addition, we are leading pioneers with new technology and are the first auction company in Scotland to implement live online bidding for our weekly livestock sales.”

Established in 1872, ANM Group is one of the largest businesses of its kind and has some 5,000 members.