November 28, 2011

United Oilseeds' pre-tax profits rise by 6.4%

United Oilseeds Producers Ltd has announced that its pre-tax profits for the financial year to June 30, 2011 has increased by 6.4%, as there is a 33.3% increase in seed sales and 18.6% rise in the volume of rapeseed traded.

The group's pre-tax profits rose from GBP770000 (US$1193650.4) in 2010 to GBP819000 (US$1269610) in 2011 before any redistribution of trading surplus to members. During the same period, the group's net worth grew by 2.7% from GBP4.8 million (US$7.4 million) in 2010 to GBP4.94 million (US$7.7 million) in 2011.

Turnover has also increased to GBP148.3 million (US$229.9 million) including members' trading figures. This compares to GBP100.8 million (US$156.3 million) in 2010. This equates to a 47.1% increase and can be attributed to a combination of organic growth and increased commodity trading prices.

"These figures show continued healthy growth for the company," said Chris Baldwin, Managing Director of United Oilseeds. "The group's pre-tax profit includes a redistribution of trading surplus to members of GBP645000 (US$999876) which was paid out during the year for the financial years ending in June 2009 and June 2010.

"We have seen continued growth in our share of the market for rapeseed being traded to crushers and processors. We have also seen our share of the certified seed market grow substantially. This is largely due to strong sales of new conventional variety, DK Camelot, which is available exclusively from United Oilseeds.