PIC profits take tumble
PIC profits take tumble
PROFITS for pig giant PIC have plunged almost £21m, resulting in an annual loss of £1.5m.
The main reason is the crisis in western Europe hitting pig sales.
The UK and Germany – traditionally the companys main markets – were affected worst. The June 30 year-end for this operation saw an operating loss of £8.3m compared with a profit of £4.5m the previous year.
PICs related operations in the Americas – which are royalty based – remain in profit, albeit down by more than 50% to £13.5m. No dividend will be paid to shareholders, many of whom are institutions (PIC paid 6p a share the previous year).
Investment in facilities continues – notably outside the UK – and developments in technology, such as DNA markers to improve breeding stock selection, have began to earn income in the US and the Netherlands, says the company. *