Acatos issues profit warning
Thursday 23 February 1995
In a statement to shareholders at the company's annual meeting yesterday, Ian Hutcheson, chairman, said: "Whilst British sales volumes have been maintained, and export business is growing satisfactorily, the interim results will be below last year."
The company made £5.6m in the six months to April last year and advanced to £14.2m in the full year to September.
Stiff price competition means the company cannot pass on increases in raw material and packaging costs to customers. Supermarkets selling under their own brand are the company's main customers.
At the same time, the group has incurred additional costs connected with the integration of recent acquisitions and restructuring of its manufacturing operations.
Two edible oil and fats businesses, CWS Irlam and Cordner Edible Oils, acquired during the year, had proved more costly than expected. In the case of CWS Irlam, this was caused by inherited price commitments. The factory at Irlam has closed, with production transferred within the group.
The company is planning to write off the costs of constructing two new factories at London's Docklands and Erith in Kent through this year's profit and loss account.
Mr Hutcheson said the company expects to maintain its current level of dividend, which was 3.5p at the interim stage last year, over the restructuring period.
Acatos expects to return to increased profitability in 1996, and wants to be the lowest-cost producer of edible oils by then.
- 1 Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
- 2 Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
- 3 Sussex couple die in suspected Christmas Day 'suicide pact'
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
UK weather: Travel chaos continues as King's Cross train delays add to snow on roads
The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
North Korea calls Barack Obama 'a monkey' in latest attack as 'The Interview' row festers
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...