Grains marketing co-operative Openfield has reported a slight rise in profits despite what it described as a challenging year.
Profits after tax were £0.6m in the year to 30 June 2019, up from £0.4m the previous year. Turnover increased to £634m, while operating costs fell by £0.7m to £15.0m
Openfield, which is owned by around 4,000 farmers and supplies British grain to some of the UK’s biggest brands, said the performance was “in line with expectations in another challenging year”.
Harvest 2018 had generated a small crop year that had led to high imports of wheat and maize.
The co-operative added that the past year had been one of consolidation as it focused on delivering improved service and value to its members and customers.
“I’m very pleased to see Openfield has maintained and slightly improved its profitability,” said chairman Philip Moody.
“We have worked hard to improve our member services, delivered excellent marketing results, advanced our own systems and processes, engaged with consumers to improve delivery efficiencies and grown our member commitment – all while facing a turbulent grain market as it reacts to low volumes, high imports and volatile demand.”