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 Avengers: Age of Ultron: Nearly 700 German cinemas refuse to show movie
- 2 Donald Trump decides that Baltimore riots are Barack Obama's fault
- 3 X Factor in crisis as numbers of people auditioning plummets
- 4 General Election 2015: Stephen Hawking says he will vote Labour
- 5 Baltimore riots: Furious mother marches her son home live on TV
Bali Nine executions live: Indonesian firing squad shoots dead eight drug offenders despite outcry around world, but a ninth is spared
Keith Harris dead: Orville the Duck ventriloquist dies aged 67 following battle with cancer
The four utterly contradictory polls that tell the story of this election and why it is pointless trying to predict the outcome
Donald Trump decides that Baltimore riots are Barack Obama's fault
General Election 2015: Prospect of Labour-SNP coalition makes one in four voters less likely to support Ed Miliband, says survey
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
EU exit would hit UK economy much harder than neighbouring countries, study finds
Andrew Lloyd Webber: Phantom of the Opera writer mocked after issuing a warning about Ed Miliband and Nicola Sturgeon
General election 2015: Labour will toughen hate crimes legislation surrounding Islamophobia
iJobs Money & Business
£30000 - £38000 per annum: Recruitment Genius: They are a financial services c...
£Basic (OTE) + Uncapped Commission: Guru Careers: A Stockbroker (qualified / p...
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...