Members of United Oilseeds will receive a total aggregate payout of £320,000 following the announcement that the company is to make its fifth consecutive annual profit share payment.
This latest redistribution of trading surplus takes the total amount paid back to the company’s members to £1.59 million over the last five years and follows another strong set of financial results for the farmer-owned company.
During the financial year ending 30 June 2010, United Oilseeds Marketing Ltd made a pre-tax profit of £770,000 from an annual turnover of £100.8 million.
"The company’s strong results are in part due to buoyant commodity markets which have seen oilseed rape prices reach record highs," explains Chris Baldwin, Managing Director. "However, the biggest factor has been the continuing increase in trading membership, with the total number of UK arable farmers choosing to market their crops through United Oilseeds growing to more than 3,200 compared to 1,364 five years ago.
"It gives me great pleasure to be able to confirm a fifth consecutive profit share payment to our members. United Oilseeds continues to grow and in doing so remains at the forefront of the specialised business of marketing oilseed rape. Our pool pricing mechanism and intricate understanding of the factors affecting crop prices enables us to take full advantage of the market’s bullish nature and to reduce our members’ risk to the effects of price volatility."