North East cereal farmers cooperative Tynegrain has reported record profit and says it has helped many members enjoy a bumper year.
The membership organisation, which operates a deep water export dock at the Port of Tyne that can despatch 200,000 tonnes of products across the world each year, said pre-tax profit in the year to the end of June was £6.17m, an increase on £291,519 last year. In the same period, income increased from £181.1m to £215.3m.
The results came despite Tynegain describing the year as one of the most volatile and challenging in the history of its Grainco Ltd business, when perceived global shortages and the outbreak of war in Ukraine led to "massive" daily movements in the market. The business, which gives member farmers the opportunity to pool and trade grain, oilseed and pulse, saw strong demand.
