29 Nov 2011

Break-even hope at Speirs Group

9:13 am on 29 November 2011

Speirs Group says it will take time to recover from recent setbacks it has experienced.

The company has sold its finance arm to Allied Farmers and also sold its omega 3 micro-encapsulation technology to a company in Britain.

Speirs now primarily makes and distributes fresh foods, mainly fresh salads, to supermarkets and the food service industry.

It posted a profit of $229 million in the 2011 financial year.

However, the company told investors at its annual meeting on Monday that, at best, it will break-even this year, although it may record a small loss as it tidies-up remnants from last year.

It expects the next financial year to be more positive and for fortunes to improve thereafter.

Meanwhile, founding director, Don Speirs, has retired.