Record Profits – Record Returns for Investors

Friday 27th February 2009

In stark contrast to the general economic situation, one business at least in the South West has reported record profits.

Cornwall Farmers, the agricultural co-operative and chain of country stores saw growth of £19million in 2008 making its turnover just short of £85 million. At the same time profits after tax rose by 48% to £939,000.

Chief Executive Andrew Cocks explained “2008 was a very strong year for Cornwall Farmers despite some major challenges along the way. Across the globe, the demand for food increased pushing local prices for wheat, milk and red meat up to levels where farmers were given a good chance to make much needed profits.”

What followed was a surge in agricultural activity and investment. Much of the fallow land was put back into production and the demand for Cornwall Farmers products and services followed suit.

“With approaching 350 trained staff and the bulk purchasing power of over 4,000 members, the co-operative was well placed to help our customers take advantage of the upturn in the market.” added Mr. Cocks. “Despite interruptions to the global supply chain, Cornwall Farmers was able to provide continuity of supply of animal feeds, fertilisers and agricultural machinery.”

But it was not just the farming part of the business which saw success. Bucking the trend on the high street, Cornwall Farmers’ 14 country stores enjoyed like for like growth of 9.3% Over the last two years, the country stores have been modernised, upgraded and opened up to the general public. Whilst the stores are visited by ever increasing numbers of country people, many of the general public are discovering that Cornwall Farmers offers a real chance to save money by buying at farmers’ prices.

Chief Finance Officer, Allan Hassall, explained “Despite falls in the base rate, Cornwall Farmers Share Account continues to offer 4% interest with the opportunity of additional trading bonuses when the co-operative makes a profit. The good results from last year ensured a total return which averaged 5.3% of members’ funds for 2008.”

Anyone wishing to invest in Cornwall Farmers should contact Allan Hassall on 01872 246121 for the two types of investment available.