British farmer-owned grain marketing and arable inputs co-operative Openfield has reported a profit of £2.7m for the year to 30 June (2022: £3.1m).
Operating costs increased by 7% to £17.4m (2022 £162m); group revenues rose 20% to £806m (2022: 670m); net assets (exc. pension fund) increased by 4% to £28.9m (2022: £27.8m) and total exported volumes were 878,000 tonnes.
The co-op, headquartered in Lincolnshire says the profit came against a backdrop of falling grain prices and ever-changing market conditions. It was helped by a significantly increased investment in transport, doubling the size of its fleet of trucks to improve service to the co-op’s 4,000 members and providing opportunities for additional revenue streams.
Openfield adds that market conditions allowed it to capitalise on its strengths as consumer customers sought supply assurance, “underpinned by Openfield’s member commitment and loyalty.”
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Chairman Philip Moody said: “Against a background of increased investment in volatile times, I’m pleased to report another year of profitability. We’ve also seen excellent results in our grain marketing pools which, coupled with managed risk, continue to demonstrate the value of this marketing option in turbulent markets.”
Looking forwards, Openfield said it takes its environmental responsibilities very seriously as the UK heads towards net zero by 2050. It restated its commitment to minimising carbon emissions for which it is directly responsible . adding that it is developing strategies to help its members meet those targets.
The group said it expects to announce future environmental initiatives and supply chain contracts, having started to work with Trinity AgTech, natural capital experts, in the first half of 2023.
