PERTH-based United Auctions livestock auctioneering company has been encouraged to respond to the power of the supermarkets which are sourcing their requirements through producer clubs allied to abattoirs, writes Robert Ross.
Aberfeldy sheep farmer and local councillor Alex Murray said he feared farmers were becoming the ''slaves'' of the supermarkets.
Colin Mitchell, a farmer-director on the UA board, said the company was aware of the changes that had been taking place in marketing and had had three full-day meetings on that subject during the past two months.
''We are anxious to look at how farmers want to market their stock because that is the business we are in,'' he said.
The company reported an operating profit of more than #470,000, compared with more than #1m last year.
Chairman John Izat said the fall was due to a combination of a last quarter fall in livestock prices, a reduction in livestock numbers and a rise in bad debts.
Shareholders agreed a resolution to change the name of the company from United Auctions (Scotland) to UA Group.
Izat said it was felt the new name was more appropriate for the parent company of a diverse and expanding group of companies.
More than 46% of the group's turnover came from livestock auctioneering and United Auctions would continue to be the main operating subsidiary. Other activities include meat wholesaling and petrol retailing through the fuel station at Kildean mart in Stirling, which had a turn over of #2.9m - more than 32% of the entire group turnover.
The meeting agreed to increase the Ordinary share capital of the company by means of a one-for-one share issue, increasing the authorised share capital to #4.25m.
Izat was re-elected as chairman, and Peter Halley, vice-chairman, was also re-elected.
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