UNITED Oilseeds has reported a pre-tax profit of £1.03m and a 44 per cent increase in farmer customers.

The results, for the year ending June 30, show the group’s net worth grew by almost five per cent to £4.23m compared with the previous year.

Turnover increased to £54.6m – up 34.5 per cent – through increased seed sales and a rise in the volume of crops traded via its pool and fixed-price contracts.

Farmer membership of the UK’s only specialised oilseed rape marketing company rose from 2,151 members to 3,100.

Managing director Chris Baldwin said members had received significantly higher crop prices than others during the year.

“That success has translated into a notable increase in membership, with more farmers trading an increased tonnage of crops through our pools to mitigate the effects of price volatility,” he said.

“United Oilseeds has continued to go from strength to strength, with annual turnover increasing from £40.6m in 2008 to £54.6m in 2009.

“This has been due to an increase in the volume of exfarm crops traded and increased seed sales, with the company’s expanding seed portfolio attracting a significant amount of new trade.”

The company made its third consecutive annual profit share payment earlier in the year, returning £340,000 to members.

Another profit share payment will be made in the first half of next year.