UK grain and inputs cooperative Openfield Group has reported profits of £4 million for the year ending 30th June 2011 and a turnover of £626m.

Openfield said this represents a 30 per cent increase in turnover and 122 per cent increase in profit. Shareholders’ funds increased 8.7per cent to £22.4m. Group manager Tim Davies said the profits are extremely impressive given that they come against a backdrop of volatile commodity markets, the implementation of new IT systems and further investment in the central storage network.

He said, “The results demonstrate the continuing progress made by the Group in creating a business with strength and stability for the benefit of our farmer members and supply chain customers.”

The group’s turnover was up due to higher commodity prices. Looking forward to 2012, Openfield chair Richard Bedlam said, “New facilities at Aberdeen Grain, Woldgrain and the new portside facility at Montrose operated by Angus Cereals will benefit members while enhancing Openfield’s ability to satisfy new markets. Similarly, the construction of a new advanced processing centre at Kettering to be operated by Camgrain – due to open in readiness for harvest this year – will further strengthen the position of the business across the East Midlands.”

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