Positioning for Success: Keeping the Momentum Going into 2021

By: Mitch Altermatt, General Manager & CEO

Fiscal 2020 is officially closed and fall is upon us. The spirit of the season reminds us to count our blessings, and express gratitude for all that we have.

I want to take this opportunity to reflect on the past year, the positive moves we have made and the continuous improvements we will make in 2021. Our accomplishments would not be possible without the focus and commitment of our employees. I, alongside the leadership team, find reassurance knowing we can count on our employees regardless of what faces us. I am thankful for their trust, dedication and loyalty they have shown, and also the opportunities for growth and increased profitability that are in our future. Looking back to fiscal 2020, I am pleased to share with you we closed the year on a high note despite many challenges. Our strong financial results validate our decision to restructure the organization and refocus on our core businesses. Our performance also proves the fundamental strengths of our business - our people, processes, disciplined approach to controlling costs and risk management to name a few. In all modesty, when you take into consideration the economic factors impacting our industry that are out of our control (markets and pricing, trade & tariff challenges, impact of COVID-19, etc.), this speaks volumes about our capabilities.

Our financial performance demonstrates how we are strengthening the long-term financial sustainability of the business, one which can be enjoyed and utilized for future generations. It highlights the power of our purpose, which is to unite you, our member- owners, with technology, products and services so you are able to thrive within your operations. Our strategic change in direction has resulted in financial gains which you will benefit from in the form of patronage.

With our coop back on track and fiscal year 2021 well underway, I am excited about what is ahead of us; in a sense it feels like a new start. Our organizational restructure has allowed us to be more efficient and nimble. Our focus is dialed in on the core aspects of our business, which will allow us to make decisions that are in the best interest of our member-owners. Combined, these changes have positioned us for a strong financial performance in 2021. In the next twelve months, we will continue to remain focused on growing profitability, creating efficiencies, exploring new revenue avenues and ensuring member-owner equity remains secure and more. Although it is still early, we are on track to financially outperform 2020. We ended 2020 on a high note, and we’re continuing the positive momentum into 2021!

I’m proud of the UFC team, and look forward to continued growth and profitability in 2021!