Fruit supplier AG Thames has seen turnover and pre-tax profit dip during the last year due to “intense competition” in the UK retail sector.
Turnover fell from £302 million to £287m, while profit slipped from £3.9m to £2.1m, according to the group’s results seen by FPJ today (4 July).
However, the group said its soft-fruit businesses continue to perform well, growing turnover from £51m to £68.5m.
“Sales were lower due to deflation and volume reduction in our more mature businesses, however, this was offset by strong growth in the younger businesses in the UK and Europe,” said AG Thames chairman, Leon Aichen.
“Our soft-fruit businesses continue to perform well, with sales increasing 34 per cent. This is primarily down to continued close relationships with our grower partners and breeders, enabling us to have a robust and diversified business model.”
For the wider company, Aichen said the focus for the year ahead continues to be driving down costs and increasing efficiency. “We will continue to drive operational efficiency and costs where possible and are exploring different models to allow us to remain fit for the future,” he said.
“Overall, despite continuing industry challenges, we are confident the group is well positioned to remain successful going forward and progress positively with the ongoing support of its growers and customers.”
No comments yet