Anglia Farmers, the UK’s largest agricultural buying group, has reported a 64% rise in profits on turnover of 72.2m for the year ending 31 January.

Profits after tax, which will be retained in reserves, were £82,400. Turnover had risen 23% on the year and the group’s net assets stood at just over £1m, said Anglia Farmers’ chairman George Bell.

“As in previous years, the increases are due to both current and new members buying more farm inputs and ancillary items through the group. We now have 1000 full members farming 350,000ha (865,000 acres) and 500 associate members,” said Mr Bell.

Turnover in the current financial year was expected to reach £85m, he added.