New Zealand meat company Richmond has warned that its full-year pre-tax profit would be significantly lower than its previous forecast of NZ$13m (US$8.8m).

Richmond said difficult trading conditions, such as bad weather, increased competition and the stronger New Zealand dollar, were having a negative impact on its business and as a result pre-tax profit for the year to 30 September 2004 would be lower than forecast, reported Reuters.

“Management are continuing to review all parts of the business to generate additional revenue and undertake further cost reduction initiatives,” the company was quoted as saying.

Richmond reported an after-tax profit of $12.9m for the year to September 2003.