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UOM Announces Profit Redistribution to Members

Date Added: 29/11/2012

United Oilseeds Producers Ltd, the farmer-owned oilseed rape specialist, today announced a 50% increase in pre-tax profits for the financial year to June 2012, which incorporates harvest 2011.

The Devizes-based co-operative saw its pre-tax profits climb from £819,000 in 2011 to £1,228,000 to end June 2012. During the same period the group's net worth grew by 20.4%, from £4.93m in 2011 to 5.95m in 2012.

Group turnover has also increased by 56% from £148m in 2011 to £232m for year end June 2012. The record growth has been partly fuelled by a 23% increase in certified seed sales and a 31% growth in traded oilseed rape volumes.

"These figures are very encouraging for the co-operative and its members," said Chris Baldwin, Managing Director of United Oilseeds. "As a farmer owned co-operative, our core aim is to help make our members' businesses more profitable and I'm pleased to announce that we are making a redistribution of a trading surplus to members of £345,000 for 2012 - the highest profit redistribution to trading members that United Oilseeds has ever made. Over the last six years, United Oilseeds has paid a total of £2.2m back to its members.

"As the UK's only specialist oilseed rape marketing company, we continue to offer a highly competitive service, comprising fast and efficient harvest crop movement and an industry leading performance in fixed price and pools marketing.

"Whilst 2011 saw a good harvest in terms of production tonnes and yield, weather conditions have made harvest 2012 far more challenging. Volatility has become a hallmark of the OSR market and this looks set to continue. Our three pools help growers reduce their exposure to some of this volatility and this year, we saw growers in our Harvest 2012 Pool achieve a price of £370 per tonne before quality bonuses for their crop.

"Our share of the certified seed market has grown, with our seed sales increasing by an impressive 23%. This is in part due to our strategy of securing a strong seed portfolio that gives growers access to the very best performing seed varieties.

"This year we also invested in a new bespoke seed order and processing system, which came on stream in July and offers growers improvements in seed order and delivery."

United Oilseeds offers members access to a network of 60 crop stores nationwide. In addition to supplying its UK crusher and processor customers, the co-operative has also developed significant overseas markets and exports British grown OSR via 14 UK ports.

Ends.


Notes to editors:

• United Oilseeds is the UK's only specialised oilseed rape marketing company
• Farmers can join United Oilseeds as lifetime members for a one-off fee of £15.

For further media information, please contact:

Edward Meadows, Communications Officer, United Oilseeds
Tel: 01380 729 200
Mob: 07500 224 137

 

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