Geest slumps as Latin bananas swamp Europe: Market hit by glut ahead of new Community import quotas
Thursday 06 May 1993
A glut of bananas in Europe, created by exceptionally large supplies from South America ahead of a new quota regime based on historical import volumes, has forced down prices.
The new quotas come into effect on 1 July and stem from the creation of the European single market. Countries with colonial histories like Britain and France used to import from their empires, while the US and Germany imported cheaper bananas, mostly from South America.
Geest said that the French government's move to limit banana imports was also a problem.
Leonard van Geest, chairman, said: 'As a consequence of these developments and the unexpected market conditions . . . we anticipate little profit being made in the first half of 1993.'
Stockbrokers' analysts have now cut their estimates for the year to next March's pre-tax profit from pounds 26m to pounds 10m- pounds 13m, depending on how quickly the new European banana regime is enforced.
Geest shares fell 106p from 434p to 328p in early trading but recovered later to close at 328p. Shares in Fyffes, another UK company heavily dependent on bananas, fell 10p to 100p.
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
- 5 Friends reunion: Jennifer Anniston, Lisa Kudrow and Courteney Cox perform mini sketch on Jimmy Kimmel Live
Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Joan Rivers: 'Palestinians deserve to be dead'
Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
iJobs Money & Business
Highly Competitive Salary: Austen Lloyd: CITY - An excellent new instruction w...
£500 per day: Harrington Starr: SQL Server Developer SQL, PHP, C#, Real Time,...
£600 per day: Harrington Starr: C#.NET Developer C#, Win Forms, WPF, WCF, MVVM...