Turnover and surplus rose in the year at the farmer-owned AF Group, the UK’s largest agricultural buying group.
Sales were up almost 5% at £287m, while a smaller rise in the surplus helped see £2.41m refunded to the co-op’s 3,200 members – almost double compared with the previous year.
The pre-tax surplus rose slightly to £1,082m (from £1,066m in 2019).
“Our increased reserves will help us grasp any new opportunities as we invest more in the business and the technologies that will help us become even more efficient and profitable,” said group chief executive Jon Duffy.
Speaking of the current year, he said that in the first quarter the supply chain had been maintained through the Covid-19 pandemic that all staff had been kept employed.
“Our top line performance is up, whilst our costs are running at below budget as the business held back on any discretionary spend.
“Most of the increase has come from the society although Affinity [the arm which sells to non-members] has also enjoyed a strong first quarter. Biomass has not been impacted by Covid-19 and is on budget.”
AF Group results highlights
- Turnover £287m, up 4.74%
- Operating surplus £2.15m, up 2.38%
- Total value refunded to members £2.41m, up 46%
- 105,000t feed sold in the year
- 200,000t of fertiliser
- 90m litres of fuel
- Almost £55m of agrochemical sales
- £21m machinery sales
- £16m worth of livestock supplies
- £12m of building supplies