sheff reply12 Nov 2009 15:37
As a result of todays Interim statement. Below is an extract of todays RNS
Adjusted profit after interest* at constant currency for the four months to 31 October 2009 was 15% lower than last year, largely due to increased finance costs associated with the refinancing in February 2009 and higher interest charges on pension liabilities. Exchange rate movements have had a marginally beneficial effect on the results to date.
Financial Position
Net debt at 31 October 2009 rose to £95.2m, in line with the usual seasonal increase in working capital. Cash flow before working capital movements was positive.
Outlook
We have seen early signs of recovery in agricultural markets in Europe and Latin America, but little to date elsewhere. In the USA conditions appear to have deteriorated further. As a result, the Board expects first half profits at constant currency to be lower than last year. We expect to see an improvement in performance in the second half compared with last year, the extent of which will depend on the timing of market recovery, particularly in the USA.