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...as its profits decline

9th June 2005, Page 9
9th June 2005
Page 9
Page 9, 9th June 2005 — ...as its profits decline
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1HE CHAIRMAN of Christian Salvesen says the company is heading in the "right direction" after posting financial results that are broadly in line with expectations. Pre-tax profits are down just £100,000 from 2004 to £17m and turnover is down 4.8% at £805.5m.

Blame for the loss in profitability in the UK is blamed on contract losses and"poor growing conditions for our vegetable processing business". Better progress was made on the Continent, though operating profit fell 28.3% to £3.3m.

Chairman David Fish says: In the past year we have made good progress in stabilising the business and positioning it for sustainable sales and profit growth. With a stronger management team now in place,we can address the future with more confidence."

But speaking exclusively to CM,Christian Salvesen's new chief executive Stuart Oades admitted there was no end in sight for the company's "disappointing" performance: "I don't think the market conditions have improved dramatically. We have to gear up for that. If we are equipped for the difficult market that can only help our position."

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