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%.
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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
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