William Sinclair Holdings reports annual losses

UK horticulture company William Sinclair Holdings reported losses in its annual statement Thursday as wet weather put a damper on the industry in 2012.

UK horticulture company William Sinclair Holdings reported losses in its annual statement Thursday as wet weather put a damper on the industry in 2012.

The leading producer of garden products reported a loss before tax of £403,000 for the year ended September 30th, 2012, compared to the previous year's £3.18m profit.

The company said profit was just £261,000 before exceptional costs and taxation, a fall of £2.92m from 2011, after horticulture sales fell by 14%.

Bernard Burns, Chief Executive, William Sinclair Holdings PLC, said: "The once in a 100 years wet weather severely impacted the European peat harvesting and garden retailing industries and the company's profitability suffered as a consequence. Despite the severely curtailed harvest, William Sinclair's customers will receive their supplies of peat based products in 2013.

"Significant strategic milestones were achieved during the year and William Sinclair is now well placed to take long term advantage of its technical superiority over its competitors and increasing logistic strengths as the output at the new Ellesmere Port site begins to ramp up and the horticulture market returns to growth."

Total sales of growing media to the retail market fell by 19% in the year to July 2012, the firm added.

However sales were up 8% for the company's top soil and green waste processing business Freeland, while production of industry leading peat-free SuperFyba more than doubled.

The company hopes this year it will see revenue from its new factory site at Ellesmere Port, Cheshire, which will be used as a compost manufacturing facility.

Shares were down 3.39% to 114.00p at 9:34 Thursday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
IAG's share price is ready for take-off - here's how to play it
Trading

IAG's share price is ready for take-off - here's how to play it

The owner of British Airways has had a turbulent year, but is now worth a punt. Matthew Partridge explains the best way to play it.
8 Sep 2020