Dutch produce supplier The Greenery has booked higher annual profits despite a 7% fall in turnover.
The Greenery posted a net profit of EUR9m (US$9.6m), more than double the EUR4.1m the business generated in 2015.
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The company said “cost reductions” and lower finance charges had helped its bottom line. EBITDA was down a quarter to EUR18m.
Turnover dropped 6.9% to EUR1.03bn amid a 12.5% drop in volumes. Wet weather pushed up prices, helping to offset the full impact of the decline in volumes.
The Greenery said the fall in sales was in part due to the sale of assets. Looking at continuing operations, turnover was still down, falling 3.8%, which the group described as “much less dramatic”.
The business expects its profits to rise again in 2017. It has forecast a “slight” decline in volumes but said: “A continued upwards sales trend is expected, however, in particular among retail customers.”
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