The AF Group – the largest agricultural buying group in the UK and independent provider of advice, insight, and services to the farming community – has announced a strong set of results for the financial year ended January 31, 2019.
- Profit increased by 76% to £2.10 million
- Turnover rose by 8% to £274 million
- Rebates of £1.1 million up by almost 80% over last year
“Our strong growth this financial year reflects the robust partnerships we’ve built over the last 18 months”, said Jon Duffy, CEO at AF. “It’s rewarding that we continue to earn trust and grow partnerships in the agricultural community. Part of our strategy is to unify all elements of our business – members, staff and suppliers – so that we can move our business forward in a direction that benefits all of our partners.
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. In addition, our price adjustments of over £500,000 means we have returned over £1.6m worth of value back to our members.
I am delighted that AF is staying true to its word of delivering value to agri-businesses by ensuring we are sharing our success with our member owners. Our intention is to invest more in our business, so that we can invest more in our members and support them in increasing efficiency and profitability.”
“Agriculture has a bright future,” said Mr Duffy. “Many are understandably cautious about the near-term uncertainties, particularly in light of Brexit. However, the hard work we have put in, shown by our strong financial performance, has enabled us to build trust and reassure those within our community that we are in a robust position to help face the challenges ahead, grasp opportunities and turn any potential headwinds into tailwinds for our members. Furthermore, I am delighted that this message is enabling AF to welcome new members throughout the UK.”
To learn more about AF and the benefits of membership, visit https://theafgroup.co.uk