The diversified agricultural co-operative achieves a trading surplus amid challenges.
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The ANM Group, a prominent agricultural co-operative based in Scotland, has announced a remarkable increase in trading profits, nearly doubling its surplus to just over £1.5 million for the fiscal year 2024. This impressive growth reflects a 12.5% rise in turnover, which surged to £11.5 million, up from £10.2 million in the previous year.
The group attributes this success to its strategic acquisition of Glasgow-based auctioneer Sweeney Kincaid, which has bolstered its operational capabilities.
Financial performance and challenges faced
Despite the notable increase in trading profits, ANM Group reported a decline in pre-tax profits, which fell to £99,000 from £116,000 the previous year.
This decrease can be attributed to several factors, including a £304,000 loss on property sales, restructuring costs, and higher interest payments on shares. These financial challenges highlight the complexities of maintaining profitability in a competitive agricultural market.
Strategic focus and member benefits
Grant Rogerson, the group’s chief executive, emphasized the importance of strategic focus in achieving these results. He stated, “Our relentless drive to provide an efficient and valuable service to members has resulted in unprecedented values in the live ring.” This commitment to member service has not only led to financial success but has also delivered significant benefits, including £836,000 in commission savings and a 3.5% increase in dividends totaling £229,000.
Leadership changes and future outlook
In addition to its financial achievements, ANM Group has undergone changes in its leadership team. At the recent annual general meeting, Dave Green announced his retirement from the board after a decade of service as deputy vice-chairman. Alan Hutcheon, who has been involved with ANM since 2018, has stepped into this role, bringing a wealth of experience and industry knowledge. Chairman Mike Macaulay praised Green’s contributions and expressed confidence in Hutcheon’s ability to lead the board effectively.
As ANM Group continues to navigate the challenges of the agricultural sector, its focus on member value and strategic growth positions it well for future success. With over 5,000 members and a commitment to innovation and efficiency, the group is poised to maintain its status as one of Scotland’s largest producer-owned businesses.
