A trading surplus of £787,000 making a 2.75% return on shares possible held by members was announced as a positive result for ANM group, the producer-owned co-operative based at Thainstone.

The annual report for the year ending December 31, 2023, reported an increase in turnover of 15%, to £10.2m from last year’s £8.78m.

The results have highlighted the extent of member and customer savings through the group’s co-operative status, including a £753,000 saving on average industry commission rates for the leading livestock auctioneer.

An increase of 14% in total member investment in the group was also confirmed, not least due to 95 additional trading members joining the group during the year.

The report follows the group’s recent acquisition of the Glasgow-based auctioneer, Sweeney Kincaid, extending ANM’s reach into the central belt and south of Scotland. That acquisition occurred after the 2023 financial year ended and is therefore noted as a post-balance sheet event.

ANM group chairman, Mike Macaulay warmly welcomed the results: "This outcome builds significantly on previous years, and is testament to the strong strategic focus of the group whilst relentlessly serving the best interests of our members.

"Our strength in the last 150 years has always focused across the rural and farming community to deliver the service they need. The board are both pleased with these results and are looking forward to the future."

Adding to this was Grant Rogerson, chief executive of the group: "This has been a strong year for the group overall. I am proud of my team’s hard work and effort to deliver an excellent set of results despite the challenges faced by every business, with costs increasing significantly across the board.

"Our auction rings continue to lead regionally and nationally as the place to realise the best value. With major strategic initiatives coming forward, like the examination of options for an enhanced agri-hub at Thainstone, as well as our recent acquisition, our co-operative structure and diversity is a powerful mechanism to deliver for the group, our members, and our customers," he concluded.

The full annual report can be viewed on the members news section of the website.

The group’s annual general meeting will be held on April 16, 2024 at 2pm in the Thainstone Exchange, Thainstone Centre, Inverurie, where all members are welcome.