Diversified agricultural co-operative ANM Group nearly doubled trading profits and grew turnover by 12.5% last year.
The group has reported a trading surplus of just over £1.5 million for 2024. This is up from £787,000 the year before.
ANM, which has its headquarters at Thainstone, near Inverurie, said last year’s higher figure was a direct result of its acquisition of Glasgow-based auctioneer Sweeney Kincaid.
£304,000 loss on property sale among factors hitting pre-tax profits
But pre-tax profits in 2024 were down from a year earlier, falling to £99,000 from £116,000 previously.
ANM’s latest accounts show it suffered a £304,000 loss on the sale of property.
Pension scheme and restructuring costs, goodwill amortisation and higher share interest payments also made a dent on profitability at the pre-tax level.
Turnover surged to £11.5m last year, from £10.2m in 2023.
ANM boss says group’s ‘strategic focus’ is delivering benefits for members
Group chief executive Grant Rogerson said: “These results show that our strategic focus is fundamental to delivering success.
“Our relentless drive to provide an efficient and valuable service to members has resulted in unprecedented values in the live ring.”
It has also delivered “significant benefits” for members,” Mr Rogerson said.
He added: “To generate a trading surplus against such a challenging climate for our sector is a ringing endorsement of our co-operative values.
“We welcome these results, and I’d like to put on record my thanks to our members whose continued investment and support reflects their ongoing confidence in our group.”
What is ANM and what does it do?
Established in 1872, ANM is one of the largest producer-owned farming, food and finance businesses in Scotland.
It is also ranked in the top 25 of UK co-operatives.
The group is highly diversified, with interests in the land market, commercial and industrial plant and machinery and equipment, and the catering and hospitality sector.
Its Aberdeen & Northern Marts division runs the livestock auctions at Thainstone and Quoybrae, in Caithness.
Other ANM business include Aberdeen & Northern (Estates), Thainstone Events, Thainstone Leasing Co and Sweeney Kincaid.
The group now has more than 5,000 members, with 84 new recruits joining last year.
ANM’s latest accounts show it employed 139 people, on average, in 2024 – down from 142 the year before.
ANM has new deputy vice-chairman
Meanwhile, a key change to the boardroom team was announced at the group’s annual general meeting at Thainstone earlier this week.
Dave Green – managing director at Duncan Farms, near Turriff – has stood down as deputy vice-chairman, retiring from the board after 10 years’ service.
Alan Hutcheon, who was co-opted onto the board in 2018 and is currently president of the Institute of Auctioneers and Appraisers of Scotland, is now deputy vice-chairman.
Chairman Mike Macaulay said: “Dave has been an exceptional contributor over his tenure on the board of ANM, and a huge support to me in his role as deputy vice-chairman
“There is no doubt his position is being left in safe hands with Alan Hutcheon, who has dedicated a lifetime of service to ANM.
“His hands-on insight and broad industry knowledge is an asset to the board.”
Mr Hutcheon said: “ANM has been part of my professional life for so many years.
“I’m delighted my continued involvement will allow me to give my best to support the group in a new capacity.”
ANM said its continued success during 2024 meant “substantial” benefits for members.
These spin-offs include £836,000 in commission savings and an increased 3.5% dividend of £229,000.
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