Dutch potato giant Agrico has reported consolidated turnover of €208.8m for the 2011/12 financial year, a substantial decrease compared with the €304.7m it generated in the previous 12-month period.
Reporting its results, Agrico attributed the fall partly to the recent sale of processed potato unit Aviko, which accounted for €41m in sales last year.
However, it was the financial crisis in the eurozone and disruption of markets in the Middle East that had a more fundamental impact on Agrico's sales in 2011/12.
According to the group, the value of its seed potatoes sales – a major part of its operations – in the EU and Middle East were considerably lower, falling by around 17 per cent to €179m, with demand reported down 10 per cent and prices around 7 per cent lower compared with the previous year.
Despite the downturn, Agrico did manage to turn a net profit of €659,000 – a figure more or less in line with the previous campaign's result.
No comments yet