Pre-tax profits for the company, which is a major vegetable supplier to the multiples, fell from £4.6m to £1.3m between 27 June 2009 and 2 July 2010. Turnover was down 13% to £218m.
Group CEO William Burgess said the results were not surprising given "the massive crop write-offs we had to make following the longest period of freezing weather in living memory". Produce World said its bottom line had also been hit by rising production costs, which it had been unable to recoup.
Produce World remained confident, Burgess said. It had recently put in place a dedicated group marketing team, signed a fresh produce licensing deal with Green Giant, made a £15m investment in its potato business and improved the cool chain in its brassicas business.