UK potato producer Produce Investments has indicated it is ready to acquire new businesses after seeing sales increase in its first year as a listed company.
Produce Investments, which supplies customers such as Tesco, Sainsbury, Bakkavor and Compass Group with fresh and processed potatoes through its GreenVale subsidiary, increased revenue from GBP171.4m (US$268.1m) to GBP156.3m for the year ending 25 June.
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Profit before tax fell to GBP2.6m from GBP5.6m in the same period in 2010, but the company incurred costs of GBP2.8m when it floated last year.
The company placed 8.54m new ordinary shares and raised gross proceeds of GBP15.6m. Produce Investments said the results show that it is now “well placed” to take advantage of any acquisition opportunities.
Chief executive Angus Armstrong said: “The market remains fiercely competitive and difficulties facing the UK consumer are well documented. Despite this, the board is confident that the group is well positioned to develop and expand the business as new opportunities arise with both existing and new customers.”
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