Ariston expects revenue to grow 35 percent this year

Agriculture concern Ariston Holdings expects revenue to grow by 35 percent this year on higher output across its units, chief executive Paul Spear said yesterday.

Spear told shareholders at the annual general meeting that the 2018 financial year had started on a good note, with tea production expected to comfortably surpass last year levels.

International tea prices have remained firm so far in the season, he added, while macadamia prices also remain firm, and with quality better than in the prior year.

Spear said although fruit volumes were seven percent down on the prior year, revenue was up 60 percent on prior year attributable to firmer prices.

The company, which exports most of its products, has enough foreign currency to buy raw materials and this will go a long way in driving volume growth, he added.

Last year, the group’s revenue grew by 19 percent to $10.95 million for the year to September 2017 after a good agriculture season. –The Source

(104 VIEWS)