East Midland farmers 'more optimistic'

Almost half of farmers in the East Midlands are more optimistic about the coming year than they were 12 months ago.

That’s the conclusion of a survey of farmers in the region conducted by leading chartered accountants Duncan & Toplis which will be launched at Cereals on 12th and 13th June.

The firm conducted telephone interviews with 107 agricultural businesses across Lincolnshire, Nottinghamshire, Derbyshire, Leicestershire, Cambridgeshire and Yorkshire.

Of these, 48% said they were more hopeful about the future of UK agriculture in the next 12 months than they were in the previous 12 months. 24% were less hopeful and 28% were unsure.

The survey showed that renewable energy is increasingly being seen as a viable investment opportunity. More than a quarter of farmers surveyed (27%) invested in renewable energy schemes last year, and of those who have not 46% say they are considering doing so this year.

In the dairy sector 72% of farmers are planning to increase the size of their herd in the next 12 months, while the majority of farmers (70%) expect their labour headcount to remain the same in the coming year.

“This snapshot of the farming sector in our region is encouraging in that it shows that almost half of farmers in the East Midlands are growing more optimistic about the future,” said Mark Chatterton, a Partner at Duncan & Toplis who specialises in advising farm businesses.

“Given the challenges faced by the agricultural sector, from changing weather patterns to volatility in the commodities markets, it’s pleasing to see a positive outlook from farmers.

“Perhaps the most telling finding of all is that only 39% of farm businesses are looking to expand by purchasing additional land. Most farmers realise that they can grow their business by focusing on existing assets and making them work harder.”

Duncan & Toplis will launch the results of their 2013 Agricultural Survey at Cereals, the leading technical event for the UK arable industry.