James Finlay profits up 18% to £14.2m
JAMES FINLAY, the Glasgow-based tea company, continued to do well out of its African and Asian tea plantations, raising last years profits by 18% from £12 million to £14.2m
The group, which only employs 18 people at its Scottish headquarters but 36,000 on plantations around the world, also increased turnover to £177.5m from £169.2m previously.
Kenyas worst drought in living memory brought a 50% cut in profitability in the first half of the year after tea prices were pushed skyward.
But after the road leading to Mombasas tea market was repaired, an unusually high volume of tea arrived, driving down prices, according to James Finlay director Richard Muir
The Kenyan tea crop fell from 225m to 180m kg last year, prompting a rise in prices of more than $1 per kilogram to $2.40/kg compared with £1.43/kg last year. Mr Muir said prices were now about $1.95/kg, a level the company was happy with.
- Financial Times 22/04/98 page 30
- The Scotsman 22/04/98 page 24
- The Daily Telegraph 22/04/98 page 31