May 8, 2009
UK's Openfield reports GBP7.5 million profit in 2008
Newly-formed British grain co-op Openfield have expressed confidence that last year's strong financial performance of its two parent businesses (Grainfarmers and Centaur) will continue as it generated GBP7.5 million in profit in 2008 despite weaker grain markets than the previous year.
In a joint announcement Openfield group (formerly Grainfarmers Group) reports a turnover of GBP502 million for the year-ended 31 July 2008 - up from an operating profit of GBP2.1 million and turnover of GBP371 million the previous year. Openfield Grain Ltd (formerly Centaur Grain) announced a GBP1.03 million operating profit for the year-ended 30 June 2008.
Group managing director Tim Davies said the good results reflected a "significant turn-round" in performance, largely on the back of internal restructuring achieved by the business in the period leading up to the merger last November.
While Openfield chairman Richard Beldam acknowledged the transition period had been difficult, he was confident the strong performance would sustain, especially as savings from the logistical agreement with DHL came through. The co-op's current financial position is well ahead of that laid out in its business plan.
