Prepared and fresh potato and vegetable supplier Fenmarc has reported a significant increase in turnover but a slump in pre-tax profits.
With the poor harvest of 2012 once again cited by a firm in the sector as causing problems, the company’s pre-tax profit was down to £1.9 million from £2.8 million in 2012 for the year ending 29 June 2013.
Turnover for the financial year was up to £99.8 million from £88.2 million in the previous financial year, according to figures released to Companies House this week.
Richard Anderson, Fenmarc MD, said: “The turnover of the company has increased by 13 per cent year on year, reflecting some new business success with existing and new customers and a year of inflationary pricing.
“Despite a reduction in net profit, the directors are satisfied with the result for the year considering the difficult inflationary conditions experienced.
“As mentioned last year, the wettest growing season in many years had a significant impact on both raw material availability and purchase price. The board put various initiatives in place to mitigate the impact, which helped deliver a satisfactory result for the year.”
He added: “The directors remain confident of the future, and in the company’s ability to take advantages of opportunities as they arise with new customers.”
Fenmarc was established as a farming co-operative more than 40 years ago by growers across East Anglia.
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