16 February 2000
PIC hits bottom of trough

PIC International struck a deficit of 1.8 million before exceptional gains for the first half of its financial year but believes that good times are just around the corner.

The pig breeding company reports tentative signs of improving pig prices in Europe and the USA.

PICs loss was offset by exceptional net gains of 10m to give a pre-tax profit of 8.3m. This compared to break-even in the same period in 1998.

The groups European business made an operating loss of 4.2m. Turnover was down 12% at 71.1m.

PIC chairman Brian Baldock said the company was “ideally placed to benefit from the increase in demand which will in time follow the recovery in pig prices”.