But head of Deloitte’s food and agriculture group, Mark Hill, warned: "The dramatic increase in profits should be seen as a one-off, not a return to the good old days."
The report recommended that farmers used the coming year’s profit to help finance restructuring.
It warned that the only way farmers could prosper in the long-term was to diversify into other sectors, such as tourism, stabling and conservation. This would guarantee an income to overcome losses from farming, it said.
Hill explained that farmers had spent the last five years "either living off their capital or having to diversify and seek an income elsewhere".
He added that combination of shifts in the exchange rate and exceptional weather across Europe had dramatically affected both crop prices and aid rates. He said: "The combination is unlikely to be repeated."