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

How to profit from India’s high-tech recovery
Share tips

How to profit from India’s high-tech recovery

Professional investor David Cornell of the India Capital Growth Fund, selects three of his favourite Indian stocks to buy now.
27 Sep 2021
Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021