Shareholders thanked for making MVF work
Shareholding members of Mole Valley Farmers (MVF) have earned the company's thanks in its financial report for the year which revealed sales of £350 million, up by £22 million on the year before.
This is an increase of nearly 7 per cent, due to trade in farm feeds, clothing, food, equipment and buildings and veterinary products.
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TOP SELLERS: The feed and wellies that helped generate £350 million in sales for Mole Valley Farmers.
It was the third year running during which the Mole Valley business, now billed as Britain's biggest retailer, has shrugged off the worst effects of austerity. It increased its farmer shareholder membership for the fifth year in a row.
Chairman Graeme Cock said: 'The support of farmer shareholder members is hugely appreciated and once again has contributed significantly to the overall result.
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"We place enormous emphasis on delivering value to our members and customers as well as ensuring we have a sustainable business."
The number of people who qualify as farmer shareholders has increased to 7,300. They are rewarded for their investment with rebates and discounts worth more than £800,000.
Chief executive Andrew Jackson said MVF has cut costs during the year to 13.25 per cent of sales and made a net profit of 1.26 per cent or £4.4 million.
He said: "Despite the difficult trading conditions the company took nothing for granted and worked hard to turn in a sound result. 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.
"We have aimed to improve product offer, technical advice and service across the business. These important cornerstones coupled with hard-working staff means the business is in a strong sustainable position going forward."
MVF has nearly halved its net debt to £2,598,000.
The report emphasises how much the bad weather and the volatility of feed prices worldwide affected farming in North Devon.
It said: "Adverse weather seems to have constantly featured and continually disrupted purchasing patterns and demand for agricultural inputs.
"We wait in anticipation wondering when the feed ingredient markets and our weather revert to being a little more predictable again.
"It's been a year when real attention to detail has been an absolute must."
Mr Jackson said that the unexpected demand for livestock feed through the summer of 2012, with so many animals being housed out of the rain, depleted stocks more quickly and MVF had to buy raw materials at much higher prices, costs rising by as much as £50 per tonne.
Nevertheless he said the buying skills of his staff and a revised risk policy meant they got more decisions right than wrong.
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