Pig slump hits PIC International
PIC INTERNATIONAL, the company that genetically improves pigs, plunged into the red last year after an “unprecedented” collapse in pig prices.
The group reported a 31% fall in sales to £167m and exceptional items took pre-tax losses to £10.1m.
It said pigs being sold at well below the cost of production led to an operating loss of £5.1m for the year to 30 June, against a profit of £17.5m last time.
Phil David, chief executive, said consultants had been hired to see if the slump in pig prices was a one-off or a permanent change in the market.
The consultants concluded that the price fall was an anomaly.
- The Times 16/09/99 page 30 (Business Roundup)
- Financial Times 16/09/99 page 26
- The Daily Telegraph 16/09/99 page 37
- PIC International struggles, FWi, (10 February, 1999)