Shares in newly-listed Australian produce supplier Costa Group Holdings closed their first day of trading below their issue price.

Costa Group Holdings' stock finished at A$2.16 on Friday (24 July), down from an opening price of A$2.24 and the issue price of A$2.25.

The company was owned by the Costa family and private-equity firm Paine & Partners after a deal in 2011 saw the buy-out house take a 50% stake in the business. When Costa Group issued its prospectus last month, Paine & Partners' stake stood at 54.2%.

The listing saw the two shareholders sell a combined 76% stake in Costa Group, which describes itself as the largest fresh produce supplier to major Australian food retailers.

The company today published results for its most recent half year plus its last three full financial years.

For the six months to 28 December, revenue stood at A$362.6m (US$263.7m), down from A$364.2m year-on-year.

Costa pointed to "strong results" from its berry business. However, the company said it was "adversely impacted" by factors including lower production volumes of tomatoes amid poor light conditions, while lower a fall in volumes and a reduction in demand affected its mushrooms business.

It made a net loss from operations of A$5.8m, compared to a profit of A$3.6m in the previous six-month period, amid higher impairment losses and losses on the fair value of derivatives.

The last full year for which results are available, for the 12 months to 29 June, Costa Group posted revenue of A$711.1m, against A$599.7m a year earlier.

The company booked a profit before tax of A$3.1m, versus a loss of A$38.4m the previous year.

A higher tax bill meant Costa Group made a loss from operations of A$1.9m. A year earlier, it made a loss from operations of A$40.3m due in part to impairment charges and losses on the fair value of derivatives.