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Produce Investments swings to loss as frost hampers harvests

Fri, 12th Oct 2018 09:21

(Sharecast News) - Potato and Daffodil farmer Produce Investments swung to an annual loss after unusually poor Winter and Spring weather limited harvests and the company wrote down the value of its assets.Through the year ended 30 June, pretax losses reached £9.5m, down from a profit of £5.5m achieved the year before, as the company faced unfavourable weather and the pressure of comparison to "exceptionally large" UK potato crop margins and seed volumes from 2017.Meanwhile, operating profit before exceptional items dropped to £6.1m, down from last year's £7.8m, which the AIM traded company said was in line with recently downgraded expectations.Decisions concerning any final dividend have been delayed until the outcome of an impending purchase by Promethean Investments is known, with Promethean having announced its intention to take the company private on 11 September.Angus Armstrong, chief executive, said: "In a difficult year impacted by the adverse spring weather we have seen business gains and improved operational efficiencies in our core fresh segment helping sustain our performance in a tough retail environment and I am pleased to say that we have delivered operating profit in line with the board's revised expectations."Net debt stood at £25.8m at the year end, down from £28m the year before, while cash and cash equivalents dropped from £7.7m to £6.4m over the course of the year."Looking forward, we will be increasing our presence in the daffodil market, continuing our growth with Restrain through a healthy demand for its tomato ripening and potato storage solutions and we will continue to expanding the Linwood Crops business," said Armstrong.Linwood Crops, a joint venture established in 2016, delivered a performance ahead of expectations and has started the new year with strong sales and margins according to Produce Investments.The chief executive added that whilst the board were disappointed to announce a three-year wind down of one key customer contract, they remained confident in their ability to pick up new opportunities in the market.Produce Investments' shares were down 2.20% at 177.50p at 0930 BST.

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5 Jun 2014 14:43

DIRECTOR DEALINGS: Produce Investments Non-Executive Sells 4,000 Shares

LONDON (Alliance News) - Produce Investments PLC Thursday said that Derek Porter, a non-executive director, has sold 4,000 shares at 286 pence each. Porter now has a 0.42% stake in the company, some 111,020 shares. Produce Investments shares were Thursday quoted at 294.75 pence, up 1.

16 May 2014 08:10

Produce Investments Buys Potato Grower Jersey Royal For GBP15 Million

LONDON (Alliance News) - Produce Investments PLC, the parent company of one of the UK's biggest potato producers, said Friday that it has acquired Jersey Royal Co, one of the country's largest producers of the famous Jersey Royal potato, for GBP15 million. The company said it was in talks t

16 May 2014 07:38

UK MORNING BRIEFING: Intertek Puts Damper On Flat FTSE 100

LONDON (Alliance News) - UK shares have opened mostly flat Friday, though mid- and small-caps are slightly outperforming, after disappointing European economic data on Thursday has been followed by a dearth of fresh leads Friday.

Intertek leads the FTSE 100 fallers,

26 Mar 2014 12:07

Produce Investments Swings To Profit, Boosts Dividend

LONDON (Alliance News) - Produce Investments PLC said Wednesday it swung to an operating profit for the half-year and is on track to meet market expectations for the full-year as it continued to focus on boosting efficiency realigning capacities during the period of significantly better weather a

8 Jan 2014 12:41

Produce Investments eyes acquisition of potato firm

Produce Investments, which operates in the potato business, prompted a jump in its share price on Wednesday after confirming it had entered into a heads of terms agreement to acquire Jersey Royal Company. The AIM-listed group has agreed a period of exclusivity for a potential acquisition of Jersey

27 Sep 2013 16:05

STOCKS NEWS EUROPE-UK small caps close down 0.7 pct

UK small caps drop 0.7 percent, mirroring weakness on the wider market, with the mid-caps and the blue chips suffering respective falls of 0.6 percent and 0.8 percent. Junior-listed AIM shares buck the weak trend, up 0.5 percent. Asian Citrus sheds 1.1 percent after cutting its dividend by

27 Sep 2013 13:18

Produce Investments Profits Boosted By Price Increases; Ups Dividend By 50%

27 Mar 2013 08:52

Wednesday broker round-up UPDATE

Amara Mining: Westhouse Securities lowers target price from 124p to 110p, while reiterating a buy recommendation. Ashtead: Canaccord Genuity ups target price to 170p and keeps a buy recommendation. Bellway: Deutsche Bank revises target price from 1381p to 1395p and reiterates a hold recommendation

22 Mar 2013 11:16

Produce Investments records loss as wet weather hits potato crops

Potato company Produce Investments on Friday reported a loss as wet weather in 2012 impacted crops and pushed up costs. The group posted an operating loss of £0.68m for the 26 weeks to December 29th, 2012, down from the prior year's profit of £4.76m. Chief Executive Angus Armstrong said high rai

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