Scottish co-op hit by £215,000 loss
SCOTLANDS largest farmers co-operative, North Eastern Farmers, has reported an operating loss of £215,000 for the year ended June 30. Turnover for the year was down £300,000 to £39.7m.
Although no profit has been recorded since the record losses of £1.45m in 1997, restructuring had allowed a gradual reduction in losses to £83,000 in 1999/00.
"Unfortunately we have been unable to continue the year-on-year trend to break even and eventual profitability," said chairman John Mackie.
The ongoing agricultural recession was to blame, he said, coupled with a reduction in pig and dairy cow numbers. *