AG Thames has predicted a return to profit in 2012 after reporting a £4.9 million pre-tax loss for the year to 30 September 2011.
The UK-based supplier said the loss came on the back of its joint venture Berries Direct being put into administration.
AG Thames chairman Leon Aichen said: “Berries Direct was put into administration earlier this year, a joint decision made by our directors with the future of the company in mind.
“This is a one-off occurrence and there are a number of positive initiatives in place for the coming year. We have recently been approved planning permission for 12 acres of land, which supports our plans to increase the group’s packing and storage facilities, and we have also invested in three farms - two in the UK and one in Spain - which will secure availability of both key products and new varieties.”
Turnover for the group as a whole was £306.6m, up from £298.8m the year before, including its share of the joint venture.
Several of AG Thames’ companies posted positive pre-tax profit figures: Chingford Fruit (£1.9m), Grapes Direct (£419,000) and CPM (Retail) Ltd (£264,000). But British & Brazilian recorded a pre-tax loss of £191,000, and its operations have been “relocated to other parts of the group, which to date, have been well received by customers.”
Aichen believes the introduction of innovative new varieties will be positive for business. “There will be further development of the first Sweet Sensation pear orchard here in the UK, which has doubled in size.
“Planting will also take place of the first UK orchard of Red Flesh Apples. We have also invested in our stonefruit business through two key breeding programmes.
“As a group we expect to return to full profitability in 2012.”
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