Scottish farming co-operative ANM Group has posted an increased annual pre-tax profit of £136,000 despite the trading challenges of 2020.
The Aberdeenshire-based group described trading conditions, under Covid-19 restrictions and bouts of challenging weather, as among the most extraordinary in its 149-year history.
Nevertheless it converted a pre-tax loss of £160,000 in 2019 – partly due to deferred tax payments – into a pre-tax profit of £136,000 in the 12 months to 31 December 2020.
Trading profit more than doubled to £525m in 2020 from £245m a year earlier.
Chief executive Grant Rogerson put the success down to the firm’s ability to adapt to the coronavirus restrictions and the commitment of farmers to livestock auctions.
The continued custom saw revenue generated by increased throughput up from £117.2m in 2019 to £121.4m in 2020, from the value of livestock and other goods sold on commission, direct sales and other services.
Turnover from commission, estate agency, fees, services, catering and other direct sales including vehicles fell slightly from £8.5m to £7.2m.
Mr Rogerson said biosecurity measures introduced promptly at the start of the pandemic enabled trade to continue to flow through auction rings.
Adopting new technology had also contributed, with Thainstone Specialist Auctions the first in the sector to hold online equipment sales during lockdown restrictions.
In addition, a strategic move to reduce commission rates saw membership numbers grow, further boosting throughput.
“We have more members investing in our co-operative than ever before. Our structure means that the surplus this year will go straight into investing in the membership benefits,” he said.