Netherlands-based vegetable seed company Rijk Zwaan has reported on its financial results and company progress for the full year of 2017/18, noting good progress in R&D while also seeing slight drops in revenue and profits.
According to the group, turnover came in at €413m, marking a decline of approximately 2 per cent when compared to the previous financial year, largely due to the strength of the euro against other invoicing currencies.
This caused profit to fall to €59m, down from the €88m of the previous year, Rijk Zwaan noted.
"In view of the incidental nature of the decline in revenue and profit, the company sees no reason to adjust its investment plans," it stated. "Rijk Zwaan is focusing on the long term."
In the report, the Dutch group outlined how it had expanded its research, breeding and production activities through the year, spending €115m on R&D and investing approximately €80m in new-build projects and extending its offices and research facilities.
Rijk Zwaan's laboratory facilities in Fijnaart have been expanded by 65 per cent and at the head office in De Lier the company has acquired 12ha of land from 11 different owners as the basis for extending the greenhouse facilities over the next five years.
"Rijk Zwaan is also expanding internationally," the group pointed out. "The company has constructed a new research centre in China and the breeding facilities in Spain and France have been extended. Besides that, a large plot of land has been purchased in Brazil for breeding trials and the production facilities in Tanzania, Chile and Australia have all been significantly extended."