Leading vegetable grower and supplier Produce World Group has completed a successful turnaround of its business over the past three years according to Chairman Neil Fraser. Speaking following the announcement of annual results for the year ending 30th June 2013 he confirmed that the company is now in a strong position to develop its business for the future.
“The past three years have been challenging for the whole industry and for Produce World Group in particular,” he said, “I can’t speak too highly of all the staff and the management team who have overseen a massive turnaround in the business. This year we will make a profit before interest and tax of £3.9m, whilst our debt, which stood at some £26m at the end of June 2011, has been reduced to less than £6m. This represents a profit of 1% after tax.”
Earlier this year an organisational structure was introduced which involved organising the company into three divisions: our growing business Burgess Farms, our brassicas business PW Butterwick, and our potatoes, roots and alliums business Produce World – all reporting into a new holding company – Produce World Group. This will further assist the streamlining of the business and increase efficiency and accountability.
Neil said: “It has been a good year in many ways. Positive employee engagement scores, as measured by the Great Place to Work Institute, increased from an average of 47% to 64% across the company. Our recent Pride of Produce World Group Awards revealed some fantastic examples of employee innovation, engagement and initiative as well as work in the community.
“I am confident that business opportunities with existing and new customers, together with investment in our operations and colleagues, will yield even greater improvements in performance in the future. The coming years will be an exciting time for the produce sector in which Produce World Group is, and will remain, a key player.”
