THE FARMER-OWNED Openfield Group has announced operating profits of £7.2m on a turnover of £557m for its first full 11-month trading period to June, 2009.

The grain trading business – formed as a result of the merger of Grainfarmers and Centaur Grain just over a year ago – is returning £1m to its members in the form of dividends. And, in light of the better than expected trading results, it has announced that it has been able to write off the expense of bringing the two businesses together.

At the year end, total membership totalled over 2,700 and the company trades with over 7000 farmers UK-wide. Its shareholders’ funds of just under £22m remain as one of the strongest in the sector.