Leading producer owned co-operative ANM Group has shared a trading profit of £649,000 for the year to December 31, 2022.
The group, which runs livestock marts at Thainstone and Quoybrae, published its annual report this week before being presented to members at the AGM later this month.
Despite being back on the previous year’s trading surplus of £659,000, the firm reported an increase in core auction operations throughput of 6.7% to £139.7m.
It also revealed that its total value of members’ investment in the group continues to grow to levels of over £7m, stating that £590,000 worth of benefits had been returned to its members.
This has made a 2.75% or £200,000 interest on share capital return to members.
The results have highlighted trading members’ savings of £424,000 in reduced shareholder commission rates, £128,000 saved on interest on the livestock finance service and £38,000 in enhanced interest rates paid through the members investment scheme.
Mike Macaulay, ANM Group’s new chairman said: “These are a very positive set of results which consolidate everything that is positive about our co-operative values and our desire as a group to succeed for our members.
“Delivering value for our members is fundamental in our priorities and has been built on 150 years of solid foundations.”
Mr Macaulay said the group’s suite of members benefits delivered meaningful impact for local communities,
This includes the livestock finance scheme which supports 224 farming enterprises across in the north and north-east, financing £6m worth of livestock.
“Our focus on supporting the industry and members we represent has been key to our strategy and these results leave us in no doubt that this strategy is bearing fruit,” he added.
ANM Group’s chief executive Grant Rogerson, said: “Our relentless focus on diversifying and growing our business for our co-operative community is illustrated with an impressive set of results delivering £590,000 worth of benefits to members.
“As a business, we will continue to reward our members’ loyalty. With their continued support, we can ensure we bring them the strongest returns, as we focus on delivering service and value.
“I’m very proud of everything my team has achieved – performing well, strengthening the business, and delivering an excellent set of results for our members.”
Mr Rogerson said it was pleasing to see an increase on the strong throughput of livestock, with values significantly higher.
He also said that the success of the monthly collective and specialist sales continues,
with sales conversion rates consistently over 80%.
However, he did add that 2022 had proved a tough year for the estates division as a result of the combination of fewer rural properties coming to the market and the
shockwaves from the mini-budget on lending and interest rates.
The group’s annual general meeting will take place on Tuesday 18 April at 2pm in the Thainstone Exchange at Thainstone Centre, Inverurie.
All members are welcome to attend.
