Produce Investments swings to loss after cold weather hurts crop
Source - SMW
Potato and daffodil supplier Produce Investments swung to an annual loss after its crop was hurt by an unusually cold spring and it wrote down the value of its assets.
Pre-tax losses for the year through June amounted to £9.5m, compared to profits of £5.5m on-year.
The cold weather added to pressures imposed by an exceptionally large 2017 UK potato crop on margins and seed volumes, the company said.
Operating profit before exceptional items fell to £6.1m, down from a restated £7.8m, which the group said was in line with its recently downgraded expectations.
Produce Investments is the subject of a takeover bid from Promethean Investors which was found by adviser Shore Capital to be fair and reasonable.