25 November 2015
Local farmers turned out in strong numbers at a recent seminar hosted as part of Bank of Ireland UK Enterprise Week in the Mellon Country Hotel, Omagh. The theme of the evening centred around “Future Farming Prospects” with guest speakers including Phelim O’Neill, Market Specialist Irish Farmers Journal, Jason McMinn, Farmgate Consultancy and local pedigree dairy farmer Justin McGinley, who provided a Bank of Ireland UK customer perspective.
Sean Sheehan, Regional Director, Consumer and Small Business Bank of Ireland UK, welcomed attendees and reassured the audience of Bank of Irelands’ commitment to the farming community through these very challenging business conditions.
Phelim O’Neill outlined his thoughts on the red meat sector and where future opportunities are being explored. The Trans Atlantic Trade and Investment Partnership (TTIP) is certainly one area of focus in the immediate future along with the opening of Asian markets where in particular the EU is benefitting from increased lamb & beef exports to China. Whilst there are many threats to beef and lamb, particularly from pork and poultry through relatively cheap grain, the US and China certainly appear to be big opportunities. There is always the sustainability debate where water as much as greenhouse gas emissions remain a constraint on future production, however Northern Ireland is well placed for once.
Jason McMinn offered some practical advice to dairy farmers, encouraging them to reduce waste on their farms. He commented that it is not always easy to take out costs in a production cycle, however reducing waste through minimising operator errors and the importance of getting behind the figures and not assuming that bought meal is always fed meal. The impact of cow mortality on farm income should not be underestimated and according to Jason, his book-keeping figures would suggest a 3% increase in cow mortality is the equivalent to a 1ppl loss in milk. Jason would also encourage the milk processors to take the lead and advise when A+B-C milk price is coming to NI as we are now somewhat behind ROI in terms of milk quality.
Justin McGinley, who recently transferred his business to Bank of Ireland Omagh, has been pleased to date with the support he has been receiving from the local team. He acknowledged that whilst business conditions were particularly challenging at present, he felt reassured of the support from his bank and local business manager who understood his business operation and where prepared to take a longer term view.
William Thompson, Head of Agri Bank of Ireland UK wrapped things up, offering some practical advice to all farmers in the room, particularly around topics such as cash flow management. He reminded farmers of the importance of knowing their cost of production and continuing all efforts to reduce this through every possible opportunity. The elimination of unnecessary spend was essential to the long term prospects of any business. William concluded by encouraging all farmers in attendance to engage early with their bank regardless of the ask and keep their business manager informed on a regular basis.
Guest speakers Justin McGinley Local Dairy Farmer, Jason McMinn Farmgate Consultancy, Sean Sheehan Regional Director Consumer and Small Business Bank of Ireland UK, Phelim O’Neill Market Specialist Irish Farmers Journal and William Thompson Head of Agri Bank of Ireland UK
Local farmers Cathal McLaughlin, Donal McAleer and Kieran McGrath with Bank of Ireland UK Business Advisors Rhona Devenney, Strabane and Briege Walsh, Omagh
Niall Devlin, Senior Business Mgr, Bank of Ireland UK Omagh chats with local accountants Nial Colhoun (left) and Rodney Hamill (right)