Openfield sees drop in pre-tax profits
Openfield’s pre-tax profits fell in its last financial year to £2.6m, from £2.9m in 2011.
However, the farmer-owned grain marketing business said after tax the figure increased from £1.7m in 2011 to £2.1m in the year to 30 June 2012 due to a lower tax charge.
Group turnover increased 23% to £774m on the back of higher commodity prices while the volume of grain handled stayed the same as the previous year at 4.3m tonnes.
“The results confirm our continued progress to building a solid business that places the farmer at the heart of the grain supply chain while capturing value for our members and delivering excellent service to our supply chain customers,” said John Stables, acting group managing director.
“The past year was one of significant economic uncertainty for the UK and Europe and while world markets were less volatile than in recent years they were also far from stable. Openfield endured these and a challenging environment well thanks to well proven and tested risk management with the result that the business produced a robust set of results,” he added.
NFU development groups equip younger farmers