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Annual Results

Produce Investments boosted by high potato price

28 September 2017 09:42

Produce Investments, a fresh potato and daffodil company, increased its revenue by 8.1% to £200.1m in the year to 1 July 2017, driven by the high price of potato and new retail business wins.

The operating profit before exceptional items decreased by 9.1% to £8.4m in line with the board's expectations.

Profit before tax was £6.6m, up 88% on the prior year.

The board increased the full year dividend to 7.466p from 7.32p per share.

Net debt increased to £28.0m from £18.1m at year end. Angus Armstrong, chief executive, said: "Following a very tough first half year I am pleased to report a significant improvement during the second half as we recovered higher raw material costs in our core potato business."

At 9:42am: (LON:PIL) Produce Investments PLC share price was -5p at 180p

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