The chief executive of north-east farmers’ co-operative ANM Group is set to stand down following three years in the role.
Pat Machray made the announcement in a letter to members this week accompanying the group’s latest financial results.
Mr Machray, a chartered accountant who previously headed up accountancy firm Johnston Carmichael, is likely to take on the role of chairman following the group’s AGM on April 14.
This will follow the retirement of current chairman John McIntosh.
Mr Machray said a new chief executive will not be appointed and the group will instead be managed by an executive team.
The team will comprise executive directors John Gregor and Grant Rogerson, alongside executive support manager Avril McLeod and group accountant Alison Green.
The Inverurie-based group reported a boost in profits and turnover, despite a drop in throughput in the year to December 31, 2014.
Overall profit, after exceptional items and before tax, was up 88% in the year to £1.358million, from £722,000 previously.
Turnover, which represents commission earned by the group, was up slightly to £8.503million, from £8.438million the year before.
This was against a £2.779million drop in throughput to £149.866million.
Mr Machray said: “We are pleased with the results bearing in mind it’s been a challenging year with the fall in cattle numbers.”
He also announced plans to issue the group’s first discretionary member’s trading bonus in 30 years, worth £68,000.
Members who have paid commission in excess of £200 will be paid the bonus, while those with less than £200 shareholding will have their bonus allocated as shares to bring them up to the minimum shareholding level.
A dividend of 2.5% will also be paid to members based on their share capital in the group.
Mr Machray said the group’s stocking agreement scheme, which supports anyone who wants to move into livestock production, had funded 7,888 cattle and 21,143 sheep on 273 farms throughout the north-east last year.
This, said the outgoing chief executive, was an example of the group putting its members’ loan scheme to work.
The scheme, which is fully subscribed at more than £7million, had a waiting list with members wanting to lend to their peers, added Mr Machray.
Meanwhile, executive director John Gregor yesterday confirmed the group was gearing up for this year’s grass lets sales.
The group has updated its conditions of sales to comply with the new Basic Payment Scheme, and options for both the landlord and the tenant to claim the payment entitlement are available, said Mr Gregor.
“In order to have the automatic right of allocation, businesses must have been active on their land holdings in 2013 and have received the Single Farm Payment subsidy in the same year. There is also the option of claiming an entitlement through the National Reserve however again the applicant must be clear on their route,” he added.