UK ice cream firm Hill Station has admitted it is monitoring its working capital position after suffering a “difficult” trading period between August and October.
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In a statement issued today (14 November), Hill Station said poor weather led to “lower-than-expected” production.
It added: “Consequently, the company is currently monitoring its working capital position and short term financing requirements.”
In August, Hill Station said it had raised around GBP3m (US$6.2m) through a share placement. The net proceeds of the placing were intended to fund the acquisition of the trading assets of So Real Ice Co., as well as providing sufficient working capital for the company through the winter months and into the next `ice cream season’ from next March.
The board of Hill Station said that the transfer and integration of the So Real Ice assets had been completed by in late September.
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By GlobalDataIt added that price increases are being agreed and implemented, mainly with immediate effect, with customers following a year of significant raw material increases. Also manufacturing and overhead cost reductions have been implemented since August, while a series of product launches are “progressing well”, Hill Station said.
“The board therefore remains confident as to the medium term opportunities and prospects for the group,” the company added.
