ANM group posts profit

By Farmers Weekly staff

DESPITE perilous margins in the auctioneering and meat processing sector, Aberdeenshire-based ANM group recorded a trading profit of 940,000 last year a satisfying result, according to chief executive Brian Pack.

All sectors returned a profit in the year to 31 December, 1999 on a total turnover of 69.9 million. In 1998, the firms trading profit was 250,000 on a 72.1m turnover.

The two meat processing businesses, Scotch Premier and Yorkshire Premier Meat, accounted for just over 87% of total turnover.

But profits were small at 0.8% and 1.3% of sales, respectively.

The scope for error in the meat processing business is nil because the margins are so fine, said Mr Pack.

The total profit from ANMs auctioneering activities in 1999 was 248,000 up from 107,000 the year before.

Higher commission charges saw trading profit for the livestock mart side of the business almost double, but much of the profit was due to the increase in specialist non-agricultural sales.

After allowing for taxation, and the payment of dividend of 7%, a net profit of 645,000 was added to the groups reserves, compared with a loss of 432,000 in 1998.