Greenvale in the red due to weather woes

Potato company Produce Investments on Friday reported a loss as wet weather in 2012 impacted crops and pushed up costs.

The group posted an operating loss of £0.68m for the 26 weeks to December 29th, 2012, down from the prior year’s profit of £4.76m.

Chief Executive Angus Armstrong said high rainfall affected potato crops, resulting in the lowest yielding and poorest quality crops since 1976.

"As a consequence of this low yield and high waste crop, free-buy prices for potatoes are exceptionally high and additional imported tonnages are being sourced to fulfil UK market requirements,"he said.

"Both of these factors have impacted our raw material costs in the first half of the year and it is likely that this will continue to be the case until we get into next season's crop."

Nevertheless, revenues climbed 13% to £89.67 from £79.38m, driven by increased selling prices across our entire customer base.