LONDON (Alliance News) - Potato and daffodil grower Produce Investments PLC said on Tuesday it expects profit for its current financial year to be "substantially below current market expectations".
Shares in Produce Investments were down 9.5% at 148.50 pence on Tuesday.
This is due to unseasonal spring weather in the UK, which presented challenges to the planting of potato crops in Cornwall and Jersey as well as the harvesting of the company's daffodil crop. Rainfall in Jersey in the four months between December 2017 to March was 46% above the long-term average, Produce Investments said.
Also, there were lower margins on 2017 UK potato crops and reduced seed volumes and margins due to an oversupplied market, the company said.
Produce Investments is looking to move its financial year-end from the end of June to the end of August. This is to better align with the timing of the potato harvest on Jersey, its aid. The accounting change is subject to regulatory approval and will not come into force until the start of the next financial year.
