Continental Farmers' profit soars

Pretax profit at Continental Farmers Group rose by 202 per cent in the first six months of the year, the company said today.

The Isle of Man-based diversified agricultural producer recorded profit of €3.5 million for the six months to June 30th, with earnings before interest and other items up 104 per cent to €5.6 million.

Revenue was down slightly, falling to €4.19 million from €4.37 million a year earlier.

The group, which is listed on Dublin’s junior stock exchange, has farming operations in western Ukraine and northern Poland and is 24 per cent owned by Origin Enterprises, the Dublin-listed agri-nutrition and food company.

The company said it now has 26,100 hectares under crop for this year, a 42 per cent rise on last year.

It also has 2,982 hectares harvested in its Mykolaiv Joint Venture with ED&F Man.

Chairman Nick Parker said the focus for 2012 and 2013 would be to benefit from the productivity improvements and the capacity increases provided by recent capital expenditure.

“Our JV with ED&F Man has started successfully. This model of partnership working is one which we will seek to extend,” he said.

The company expects to exceed targets for the year, he said.