Profits tighten at Mole Valley Farmers despite higher turnover

Rising inflation and supply chain disruption created challenging trading conditions for agricultural supplier Mole Valley Farmers in 2022.

The company made a pre-tax profit of £3m for the year ending 30 September 2022, down £1.4m on the previous year. However, revenues were up by 18% on the year to total £615m.

More than £5m has been invested into Mole Valley Farmers’ existing feed manufacturing and distribution operation in order to increase storage capacity and improve efficiencies, primarily through investment in its feed mill in Lifton, Devon.

See also: Mole Valley Farmers launches grower ‘bean buyback’ scheme

Mole Valley Farmers has more than 9,000 farmer-shareholders and, despite lower profits, its loyalty bonus scheme paid out almost £300,000 to shareholders throughout the year, as well as providing more than £1.9m in retail discounts to members.

Chief executive Jack Cordery said: “Supply chain volatility, downward pressure on farmgate prices, the ongoing drive to meet environmental obligations, and the transition to more sustainable food production present challenges for all of us.

“However, we have an absolute commitment to support our shareholders and members, with our business investing for the future, adapting and evolving to help them maximise their productivity, profitability and sustainability.”

The company’s AGM will take place for farmer-shareholders on 31 March at Sandy Park, Devon.