Profitable year for ANM Group
Leading farmer-owned co-operative the ANM Group has announced it made a trading profit of £909,000 for 2008 in the face of tough economic global conditions.
The Group’s strong profit showing for last year was also strengthened with an increase in stakeholders’ share capital of £411,000 to £5.536m.
ANM chief executive Brian Pack said: “The hard earned reserves we have assiduously built up over the years ensure the Group is fit to face the bruising financial conditions of the moment and also that we have funds to look to future opportunities which can only increase.”
He added: “The Group is impacted in various different ways, including customers with credit issues, consumers changing their buying habits to cheaper cuts of meat, the property development market stalled for the moment and many of the population saving rather than spending.”
The Group’s parent society, which includes Aberdeen & Northern Marts and Thainstone Specialist Auctions, also recorded a substantial profit. The Marts division saw a throughput increase and higher livestock prices were also said to have contributed.
Further announcements included catering division, Highland Cuisine, taking an increase in profit attributed to a busy summer show season, Christmas party season and an increase in the number of functions it catered for with the benefits of Thainstone Exchange being felt.
Aberdeen & Northern (Estates) however, saw profits fall with a reduction in throughput while Scotch Premier Meat felt the negative effects of the increase in cattle prices as it struggled to make margin and pass on the increase in costs to consumers.
Yorkshire Premier Meat was also affected by the increase in its raw material prices but by the autumn the market had stabilised and it turned in a profit.
Pack will be retiring at the end of April to replaced by Alan Craig for which group chairman John McIntosh said: “Alan currently holds a very senior position in the red meat industry and we look forward to working with our new chief executive.”
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