ANM announces £1.7m trading profit

Scottish farmer-owned co-operative the ANM Group has announced a trading profit of £1.7m for 2007.

The Group's throughput has increased by £1.957m to £192.341m, while turnover has risen by £3.27m to £91.22m and share capital has reached £5.12m.

ANM's food businesses, in particular its slaughter business, saw much-improved results after a very difficult 2006. The most dramatic shift was achieved by Scotch Premier Meat, which recorded a profit of £379,000 for 2007 - a major turnaround of more than £0.75m after the £391,000 loss reported in 2006.

Yorkshire Premier Meat also experienced a turnaround in 2007, thanks to improved market conditions and a drop in production costs. The company saw profit rise by £363,000 to £450,000 in 2007.

Although the group's overall trading profit is down on 2006, ANM chief executive Brian Pack described the figure as very "satisfactory" given the foot-and-mouth problems of last year. He added that while the majority of the 2007 results were very positive, he was also mindful of the challenges which undoubtedly lie ahead.

"We are not complacent and I am sure the group will experience future ups and downs. Like the agricultural production industry, we expect returns to become more volatile," he said

"Just as farming has had to adjust, it is inevitable that processors will experience change and, as a group, we are up for these challenges.

"A great comfort in facing these challenges is our financial strength, which ensures we are fit to take full advantage of opportunities as they appear."

The ANM Group, which marks its 125th anniversary of trading this year, dates back to 1882, with the formation of the Aberdeen Cattle and Farm Produce Association, which started trading in 1883.

The organisation differed from any other auction company operating in the area at the time, because it was owned and controlled by farmers. Today the ANM Group is one of the largest farmer-owned businesses in the UK.

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