Crookes diversifies to sidestep currency volatility and drought
Crookes Brothers MD Guy Clarke says the company is rapidly diversifying its crop base, farm locations and markets, which would assist in counteracting the effects of currency volatility and drought. In the year to end March 2017, the agricultural and property development company reported a 22% increase in revenue from continuing operations to R664m. Headline earnings per share rose 15.8% to 424.1c. Supply constraints following severe drought conditions resulted in higher prices for sugar cane and bananas, which led to these businesses contributing greatly to the overall results, the company said. Operating profit increased 73% to R125m, from R72m in 2016. This was despite a R10m operating loss recorded in the company’s deciduous fruit segment that resulted from a substantial decline in hard currency export prices in the year, accompanied by the strengthening of the rand. “We are very pleased with these results,” said Clarke. “This is the first year that we have not received the full...
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