ANM Group shareholders have heard how the organisation had more than held its own during a tough back end of the year.
The group's AGM, held at Thainstone Centre, Inverurie this week, gave shareholders the chance to hear about the recently published 2007 annual accounts and included presentations from ANM Group chairman John McIntosh and chief executive Brian Pack.
Also addressing the meeting were Aberdeen & Northern Marts’ general manager John Gregor, Scotch Premier Meat Ltd managing director Raymond Wight and Thainstone Specialist Auctions (TSA) general manager Grant Rogerson.
“Last year at this time I was highlighting the many challenges that the Group was facing and, had faced, in the 2006 financial year which was a very difficult one for the Group,” John McIntosh said.
“Whilst 2007 turned out to be just as challenging, and in some respects, even more so, we have turned in a very credible financial result for the year, allowing us to add to our reserves and face the vagaries of our various market places.”
During his address McIntosh spoke about the unfortunate phase of foot-and-mouth which struck during August and September 2007.
Empathising with livestock producers, he said he too felt the same financial pain and anger as a result of FMD but hoped the Scudamore report – which details the government’s retired chief veterinarian’s findings – would suggest alternative ways of handling any future outbreak, with minimum disruption to the industry.
Presenting the financial results for 2007, Brian Pack said he was pleased to report that the 2007 trading profit was almost a million pounds up on 2006 – which was a difficult year financially for the Group.
“2007 is one of the best years we’ve had for a long time in terms of profitability, turnover has increased by £3.3 million – an increase almost entirely due to Scotch Premier Meat.
“Meanwhile the £1.7 million trading profit is realised after allocating £170,000 to shares for staff who were employed by us throughout 2007. I am sure you will agree that it is right that staff who put in so much effort during the year can share in our improved financial results.”
He continued: “To date 2008 has been a particularly challenging time, especially for our food businesses as they and their customers come to terms with the much needed rise in cattle and sheep prices which look set to continue. It is inevitable that we will experience change and as a Group, we are up for these challenges.”
Looking to the future Mr Pack concluded: “Whilst the 2007 results are very welcome, we are not complacent and I am sure the Group will experience future ups and downs but I look forward to the opportunities of 2008 with enthusiasm knowing that with the support of the board, management, staff, customers and members we will rise to the challenges that are now, undoubtedly part of our trading environment.”