Farmer-owned grain cooperative Openfield this week reported its financial results for the year to 30th June 2012. The group reported operating profits of £2.9 million for its marketing and farm inputs business.

Group turnover increased 23 percent to £774m on the back of higher commodity prices while the volume of grain handled remained unchanged compared with the previous year at 4.3m tonnes. Profits before tax fell from £2.9m in 2011 to £2.6m in 2012. However, profit after tax increased to £2.1m compared with £1.7m the previous year as a result of a substantially lower tax charge.

However, borrowings for the 2012 year increased, moving from a net cash position of £0.9m in 2011 to a net debt of £8.2m in 2012. Openfield directors said this was entirely linked to the point that the year-end fell in the working capital cycle and assured "Openfield has no core debt."

John Stables, acting Group Managing Director said, "The results confirm our continued progress to building a solid business that places the farmer at the heart of the grain supply chain while capturing value for our members and delivering excellent service to our supply chain customers."

He continued, "The past year was one of significant economic uncertainty for the UK and Europe and while world markets were less volatile than in recent years they were also far from stable. Openfield endured these and a challenging environment well."