Robust trading year for farmer-owned cooperative with record turnover
AGRICULTURAL supplies business Mole Valley Farmers, which has a branch at Heathfield, near Newton Abbot, reported a 'robust' trading year, with turnover rising by almost seven per cent.
Despite the challenging economic conditions, the farmer-owned cooperative achieved a record turnover of £350.4million for the year ending September 30, an increase of £22.5m over the previous year.
It attributed this to the loyal patronage of its farmer shareholders, sustainable business investment and innovation, as well as the hard work and dedication of its staff.
For the fifth consecutive year, the number of farmer shareholder members has increased, reaching 7,300, with transaction numbers also up.
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The company was able to return a total benefits package to farmer shareholders of more than £800,000, with a direct shareholder rebate of £425,000 — an increase of 21 per cent — as well as increased product promotions throughout the year.
Profit before tax increased to £4.4m, a margin of 1.25 per cent of turnover, while bank borrowings were reduced. Mole Valley said while it had invested across its geographically expanded and diverse portfolio of businesses, it has continued to focus on cost control, improved processes and efficiencies.
Andrew Jackson, chief executive of Mole Valley Farmers, said: "Our emphasis has been on providing uncompromising value to our farmer shareholders. Their support in a challenging year is greatly appreciated, which is why the rebate and benefits package are an important thank you."
The company's retail store portfolio saw record transactions of more than four million and sales increasing to £170m.
Mole Valley Farmers' online retail operation saw sales grow by 4.4 per cent while visits to the website increased by more than 195,000.
Chairman Graeme Cock added: "The support of farmer shareholder members is hugely appreciated and once again has contributed significantly to the overall result.
"We place enormous emphasis on delivering value to our members and customers as well as ensuring we have a sustainable business, which remains our priority."
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