NFU President acclaims Fengrain return to profit

East Anglia's leading specialist grain cooperative earned praise for its return to profit from NFU President Peter Kendall speaking at its Annual General Meeting.

The AGM heard that Fengrain had not only generated a pre-tax surplus of £126,542 for the financial year ended 31 July 2007 but had also grown its membership by 10%.

"This growth is really encouraging. It shows we are delivering the services to meet the needs of our membership across the Eastern Counties," said Fengrain Chief Executive Mark Isaacson.

Peter Kendall praised all that Fengrain had achieved in the past year, paying particular tribute to chairman John Clarke whose role "had not been without challenges" over the past two years.

Mr Kendall pointed out how food production, which had been ignored for far too long, was now moving rapidly back up both economic and political agendas.

He endorsed comments from Fengrain's Marketing Manager John Whitelam that world grain stocks were at all time lows in terms of supply per head of population. And stressed the need for farmers to have effective marketing arrangements in place to both help make the most of volatile markets and to guard against the market falls.

Fengrain members heard how every part of the business had contributed to its return to profit resulting in a £200,000 growth in shareholders funds so that reserves now stand at £2.2m.

"This is a tremendous achievement in a challenging year," said Mr Isaacson. "It provides us with both the resources and confidence to move forward to meet clear business objectives. The coming year will see expansion of both staff and facilities to enhance the value we offer to both our members and the customers we supply.

"Our aim is to continue delivering outstanding service in a specific geographic region to a dedicated membership."