Sinclair added that: "The financial performance of the Company will be lower than in the previous year."
The statement added:
"William Sinclair's peat bogs have felt the full effects of the high rainfall and the peat harvest has suffered as a consequence. A prolonged period of dry weather is now required to enable the Company to return to full harvest operations.
"The peat drying technologies recently introduced by the company will supplement our conventional harvest and the Board intends to deploy additional drying capacity to further mitigate the impact of the rain.
"The company continues to have a strong balance sheet and to generate cash and expects to maintain its progressive dividend policy."