10 September 1998
PIC International warns over pig prices
PIC International warned that its profits will be damaged if pig prices do not pick up.
The pig breeding company that emerged as a successor to the Dalgety company said prices have fallen to their lowest level in 30 years.
But Andrew Allner, finance director, warned any setback would be short-term. He said pork consumption was growing in all regions and the decline in prices was largely a result of overproduction.
He said: “The normally independent cycle of rising and falling pig prices in Europe and North America has occurred at the same time in both regions. The abnormal cycle will probably result in a further £3 million hit in the next financial year.”
He added that the company did not rule out acquisition as means of easing its reliance on pig farming.
PIC reported pre-tax profits for the year ending 30 June of £69.9 million, against £66.2m last time, on sales up from £212m to £220m.
- Pig men losing £7m a week – Curry, FWi, yesterday (9 September, 1998)
- Malton pig price now the best as exports dry up, FWi Markets, 4 September, 1998
- Russian crisis hits US pig business, FWi Markets, 4 September, 1998
- Pig gloom Europe-wide as Far East demand vanishes, FWi Markets, 27 August, 1998
- Pig employees in the firing line, FWi, 27 August, 1998
- The Times 10/09/98 page 32
- Financial Times 10/09/98 page 36