Netherlands-based produce group The Greenery moved back into the black in 2014 despite lower sales, helped by cost cuts and a boost from the sale of a stake in local vegetable processor Hessing.

The Greenery reported a net profit of EUR1m (US$1.1m) for last year, compared with a EUR21m loss in 2013.

The company said "significant cut-backs in operating costs" contributed to the result, although it still made an operating loss of EUR8m, albeit a loss smaller than the EUR36m run up in 2013.

The Greenery's bottom line was given a further boost by EUR8m in proceeds from the sale of assets, including the stake in Hessing.

Net turnover declined from EUR1.3bn to EUR1.1bn. The Greenery pointed to "the departure of several growers in late 2013".

It added: "Compared with 2013, the results show great improvement. Carrying out the necessary changes has allowed a lean core company to emerge."

During 2015, The Greenery said it will focus on the Netherlands, Germany and the UK and wants to achieve further growth in these markets by "intensifying supply chain co-operation with retailers". It also plans to expand further in new markets like China, after losing sales in Russia over the last year due to the embargo on EU food.