11 Jul 2011 11:51
11 July 2011
Produce Investments Plc
Year End Trading Statement
Produce Investments Plc (AIM: PIL), a leading operator in the fresh potato sector, is pleased to announce that trading for the year ended 25 June 2011 is in line with our expectations. The preliminary results will be released on Friday 30 September 2011.
Turnover for the full year has increased by circa 9% compared to the prior year. This is partly driven by the high priced potato season which increased trading revenues, and also down to increased seed and processing revenues, along with some new customers gained in the food service sector.
Operating margins are in line with management's expectations.
Cash generation from operating activities has resulted in year-end net debt being significantly lower than last year. The company has appropriate bank facilities in place which provide scope for growth and support the business strategy going forward.
The market remains fiercely competitive and the difficulties facing the UK consumer are well documented. However, the Board is confident that the company is well positioned to both grow organically and to take advantage of any acquisition opportunities.
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For further information contact:
Produce Investments Plc | 01890 819503 |
Angus Armstrong, Chief Executive | |
Brian Macdonald, Finance Director | |
Hudson Sandler | 020 7796 4133 |
Nick Lyon
| |
Investec | 020 7597 5970 |
Patrick Robb | |
James Rudd |
Notes to Editors
1. Produce Investments is a leading UK potato business and its activities include the supply of seed potatoes, own growing, sourcing and packing of fresh potatoes, as well as the processing of value added potato products.
2. The Group is a vertically integrated company supplying blue chip customers such as Tesco, Sainsbury's, Bakkavor and Compass Group with fresh and processed potatoes.