Fram Farmers Group – a co-operative that supplies purchasing, grain marketing and administrative services to farming businesses – has reported record results at its annual general meeting.
During the financial year to 30 June 2018, the co-op achieved an annual turnover of £195 million – its highest ever, and up from £179 million in 2016/2017.
Purchasing turnover also increased by 11.3% and included organic growth of 8%. The co-op’s pre-tax operating surplus increased to £201,000 (£87,124 deficit: 2016/2017). And during the year it returned all £572,087 of the product volume support it received from manufacturers to members.
Formed by local farmers in Suffolk in 1960, Fram Farmers is a not-for-profit, farmer-owned co-operative and provides the purchasing, grain marketing and administrative function for more than 1,200 farming businesses.
Announcing the results, Richard Anscombe, Fram Farmers chief executive, said: “Fram Farmers attracts successful, forward-thinking farming businesses who derive significant benefits from their membership of a co-operative that is dynamic, pro-active, completely trustworthy and transparent in every way.
“We are continually benchmarking our performance against the market, and we look for ways to provide further benefits and add value to the service we provide.
“The directors of Fram Farmers appreciate that choppy waters lie ahead as we approach Brexit, and have considered the future for agriculture in detail. Appreciating that during uncertain times members need the security of belonging to a co-operative they can trust to act in their best interests, Fram Farmers is implementing a three-year business plan that will provide even greater benefits.
“During the year ahead we will aim to increase our engagement with the most forward-thinking, most committed and largest member businesses to ensure that the services we provide are right for them, because, ultimately, achieving that standard will benefit all members.
“We will also increase our focus on the ‘Next Generation Group’– broadly, those under 40 years of age, who are the future leaders of our members’ businesses and key to the future success of Fram Farmers.”