16 September 1999
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)