Greenvale parent company Produce Investments has seen a large jump in turnover as a result of high potato prices last year.
The potato farming and supply groupsaw revenues rise from £154 million during the previous year to £206min the 52-week period to June 29 2013. Pre-tax profits also rose from £6m to £7.5m.
Chief executive Angus Armstrong said the results reflected a high-priced season after the worst potato crop in nearly 40 years in 2012.
The group, based in Duns, Scotland, previously reported a £1.2 million pre-tax loss for the first half to December 29, 2012, after being forced to raise costs due to the “lowest-yielding and poorest-quality crop since 1976”.
This led to potato prices rising to “exceptionally high” levels, with increased imports having to be sourced to fulfil UK market requirements.
Total net debt stood at £17.3 million, compared with £4.3 million last year. Armstrong said the increase was caused by the acquisition of Rowe Farming, along with higher stock values caused by the high-priced season. He added that net debt had improved from the half-year, where it had been £26 million.
The group's non-executive chairman, Barrie Clapham, said the company had performed well in 'very challenging conditions”.
Produce Investments was established in 2006 as Greenvale's parent company, and was listed on the London Stock Exchange in 2010.
Looking ahead, the company said estimates for the current year's crop indicate average yields at best, but with 'an improvement in quality compared to last season.”
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