UK potato firm Produce Investments has booked a near 50% increase in full-year operating profit, with margin gains offsetting a decline in revenue.

In a regulatory filing today (26 September), the company said operating profit rose 46% to GBP11m (US$17.9m) from GBP7.5m. Gains were driven by improved margins, which expanded to 5.7% from 3.7%. EPS rose to 33.64 pence, up from 24.92 pence.

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However, revenue during the 52 weeks to 28 June fell to GBP191.8m, from GBP206m. The company attributed the decline to falling selling prices.

In May, the company acquired The Jersey Royal Co. Trading since the acquisition has been “in line with expectations”, the group revealed. Meanwhile, Produce Investments’ own brand, GreenVale, “continues to perform well”, the company added.

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