The AF Group – the largest agricultural buying group in the UK - has seen profits rise by 76 percent for the financial year ended January 31 2019.
In new figures released on Thursday 13 June, profit increased to £2.10 million last year and turnover rose by 8 percent to £274 million.
Meanwhile, rebates of £1.1 million are up by almost 80 percent over last year.
Jon Duffy, CEO at AF, said: “We have continually advised our members to get 'business fit' by ensuring they get their costs under control and our results show that we have practised what we’ve preached.
“Our focus in this area has enabled us to pay £300,000 to members via our first ever discretionary general rebate, which combined with the £700,000 members gained via product rebates, has delivered the largest rebate total in AF’s history of over £1million.”
He added: “In addition, our price adjustments of over £500,000 means we have returned over £1.6m worth of value back to our members.”
Despite the unpredictable political and economic landscape, AF said agriculture has a 'bright future' for the rest of 2019.
The AF Group sources more than £270m of goods every year for more than 3,500 shareholder members.