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UK: Greenvale’s parent company sees operating profit fall

Produce Investments, known for its Greenvale business in Scotland, has reportedly been blighted by a massive over-supply of potatoes which have dented group profits. The company posted revenues of £188 million, with operating profit of £6.1 million, down from £7.8 million. Promethean Investments LLP is currently in the process of buying Produce Investments.

The company said it had a solid performance in the core fresh business in an oversupplied market, although poor spring weather adversely impacted the seasonal business of Rowe Farming and its Jersey business. The Greenvale potato business, accounting for circa 79% of revenues during the year (2017: circa 78%), and faced the challenges created by an exceptionally large 2017 UK potato crop of 6.04m tonnes (2016: 5.22m tonnes).

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