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UOM Announces 47% Growth in Pre-tax Profits

Date Added: 28/11/2013


United Oilseeds Producers Ltd, the farmer-owned oilseed rape specialist, today
announced a 47% year-on-year increase in pre-tax profits for the financial year to June 2013.

The Devizes-based co-operative saw its pre-tax profits climb from £1,228,000 in 2012, to £1,805,000 for year end June 2013. During the same period the group's net worth grew by 15% from £5.95m in 2012, to £6.85m in 2013.

Further, Group turnover increased by 4%, from £232m in 2012 to £241m for year end June 2013, driven by a 17.3 % increase in sales of oilseed rapeseed. Over the last five years, United Oilseeds' turnover has increased by an annual average of 30%, with the volume of oilseed rape crop tonnes it has traded increasing by an annual average of 19% over the same period.

Speaking at a press conference in Newbury, Berkshire, United Oilseeds' Managing Director, Chris Baldwin, said: "These figures are encouraging for our farmer members as they show the co-operative has continued to create a strong track-record of growth in the face of increasing competition, falling grain prices and adverse weather patterns.

"Our core aim as a farmer-owned co-operative is to secure domestic and export markets for our members' oilseed rape crops and help their businesses become more profitable. We have excellent commercial relationships with the UK's major crushers and also export our growers' oilseeds via 20 different British ports. We have also established the most successful oilseed rape trading department in the UK and over the last seven years, United Oilseeds has made profit redistributions totalling over £2.2m to its trading members."

Acquisition of Hubbards Seeds

At the press conference, Chris Baldwin also announced the acquisition of the
East Midlands-based specialist seed merchant, Hubbards Seeds, by United Oilseeds Producers.
"We are delighted to welcome Hubbards Seeds into the United Oilseeds Group, as we are confident the union brings significant new market opportunities for both companies. The acquisition is part of a planned strategy for growth set by the Board of United Oilseeds and shows how we are investing in the future for the benefit of our co-operative members."

Hubbards Seeds is an established regional seed and grain merchant, founded in 1882, that serves a loyal and large base of customers throughout Leicestershire, Lincolnshire and Nottinghamshire. Specialising in the supply of game cover, forage crops and grassland leys, Hubbards Seeds will now have the opportunity to reach a national market as part of the United Oilseeds Group.

Hubbards will continue to trade under its own separate identity and to be led by its current head, Barnaby Patchett, who will maintain his close commercial relationships with Hubbards' business partners, suppliers and customers.

Speaking alongside Chris Baldwin at the press conference, Barnaby Patchett, said: "Hubbards Seeds has a long and successful history providing its customers with quality seed and the highest levels of individual service. It has long been my aim to take our offering national and in order to so, I wanted a partner that had a national presence with a professional, experienced sales force. Just as important, they needed to have a professional ethos and a friendly approach to business that values the importance of long-term customer relationships. United Oilseeds was the only company that matched these requirements."

Ends.

Notes to editors:


• United Oilseeds is the UK's only specialised oilseed rape marketing company
• Farmers can join United Oilseeds as a lifetime member 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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