The coldest spring in more than 50 years led compost and garden products business William Sinclair (SNCL) to warn on full-year profits following a 22 per cent fall in first-half sales, which turned a £400,000 profit before tax last time into a £1.8m loss. The interim dividend was cut by 21 per cent to 1.4p and net debt has soared to £15.8m from £9.5m last year.
IC TIP:
Sell
at
125p
It wasn't all doom and gloom, though. Sales of the group's new SuperFyba peat alternative are set to be above forecast volumes, and development of a new facility in Ellesmere is going to plan. Peter Rush, the new chief executive, thinks revenues are likely to be slightly ahead of last year's £48.2m.
