Produce Investments PLC Statement Re: Product Recall and Trading Update (8732G)
11 August 2016 - 4:01PM
UK Regulatory
TIDMPIL
RNS Number : 8732G
Produce Investments PLC
11 August 2016
11 August 2016
PRODUCE INVESTMENTS PLC
("Produce," "Company" or the "Group")
Statement Re: Product Recall and Trading Update
Produce Investments plc, (AIM:PIL), a leading operator in the
fresh potato and daffodil sectors, is pleased to report that it has
now concluded its position on the uninsured element of the claims
relating to the product recall which affected one of its
subsidiaries, Swancote Foods.
On 13 May 2015 we announced that Swancote Foods, our processing
business, experienced a contamination issue relating to traces of
metal being found in some product. This resulted in a recall of a
number of potato salad and ready meal products. In our final
results for the year ended 27 June 2015, we stated that we expected
the financial impact from the uninsured element to be in the range
of GBP0.3m to GBP1.5m and that this was not included in the
financial statements due to a lack of certainty.
Working with our insurers and the affected customers we have
recorded and finalised the claim with the total uninsured element
amounting to GBP571,000. This amount will be included in our
financial statements for the year ended 25 June 2016, as an
exceptional item.
Our final results for the year to 25 June 2016 are due to be
released on the 29 September 2016. We are pleased to announce that
since we reported our interim results on 16 March 2016, trading has
remained robust and the Board expects to report Full Year results
that are in line with market expectations.
For further information contact:
Produce Investments plc
Brian Macdonald 01890 819503
Shore Capital & Corporate
Limited (Nomad)
Stephane Auton / Patrick
Castle 020 7408 4090
Powerscourt
Nick Dibden / Sophie Moate
/ Samantha Trillwood
produce@powerscourt-group.com 020 7250 1446
Notes to Editors
The Group is a vertically integrated company supplying blue chip
customers such as Tesco, Sainsbury, Asda, Waitrose and Marks &
Spencer with potatoes and daffodils.
Website: www.produceinvestments.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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