Hargreaves Plants expects profits turnaround

Spalding, Lincolnshire-based berry fruit, asparagus and ornamental plant nursery Hargreaves has "significantly restructured" after seeing losses, as detailed in its newly listed annual accounts.

Hargreaves Plants turnover for the year to 31 October 2015 was £4.8m, down from £5.45m in the previous year, with a gross loss of £32,000.

Operating loss was of £629,000, with interest of £80,000 and a loss before taxation of £708,000 with tax refund of £262,000 meaning a loss after taxation of £446,000.

Director Garth Baxtor said: "The company, in light of performance in recent years, has significantly restructured its operations to ensure that they return to profitable trading. This is a mixture of rationalising the product mix and significantly reducing theor exposure to production risks through outsourcing products to contract growers. The directors now project a trading profit for 2016 and future years."

James Petchell and Rupert Hargreaves resigned as directors during the year. Baxtor and Michael Williams are directors.

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