Ailing Berisford plans new path
Wednesday 09 December 1992
It is considering a rights issue as a way of financing a series of acquisitions, said Peter Butler, the finance director who is leaving at the end of the year.
The strategy, based on the engineering expertise of Alan Bowkett, the chief executive, comes as Berisford seems finally to have resolved crises that brought the company to its knees.
Yesterday it reported pre-tax losses of pounds 22.3m, compared with a pounds 20.5m deficit before, for the year to 30 September. The loss before exceptional items, largely due to pounds 14.4m in property write-downs, was pounds 3.6m. But net debt of pounds 15m at the year-end will be eliminated by cash due from pounds 25m of disposals. The drain on cash from Rayner Coffee International has been settled with the winding up of the division, although it meant extraordinary charges of pounds 42.7m. Shareholders' funds stabilised at pounds 85m.
Berisford, once with market capitalisation of pounds 650m and chaired by Ephraim Margulies, is now a shell with small property and agricultural interests. But Mr Butler said he was confident the problems were contained and provided for. The task now was a series of friendly acquisitions built on a new strategy, he said.
He would not reveal the target companies, but said: 'By this time next year we will not be reporting about the same things we are today.' There is no dividend, and Mr Butler refused to say whether it was even a possibility next year.
Berisford sold pounds 15.6m of property. It has pulled out of New York, but is still trying to sell a 30 per cent share of a property development in Pasadena, California.
Turnover fell from pounds 694m to pounds 130m. Shares fell 0.5p to 18.5p.
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 A politically correct lefty goes to see Top Gear live – you'll probably believe what happened next
- 3 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 4 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 5 Snoop Dogg on why he doesn't regret displaying misogyny towards women
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
Woman accidentally shoots herself in the head while posing for a selfie
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...