CFG profits up 19% in 2011

Continental Farmers Group (CFG) has posted €3.1m after-tax profits for 2011, a 19% rise on the €2.6m posted in 2010.

Group revenues increase by 19% to €25m, the company said, while EBITDA was 5% higher at €6.7m.

The group announced diluted earnings per share 2.47c after a new ordinary share issue, compared to 3.23c in 2010.

Listed on the Irish and London stock exchanges, Continental is a diversified agricultural producer with significant farming operations in northern Poland and western Ukraine.

The group's core business is crop production comprising oil seed rape, potatoes, wheat, sugar beet and maize.

"CFG achieved strong results in the year recording good growth in EBITDA and earnings reflecting the positive backdrop to primary food production and the delivery of excellent operational progress which has underpinned a major crop expansion by the Group in the period," CEO Mark Laird said.

"2011 was also a year of transformational development for CFG," he added.

"The successful public listing and capital raise underlines our strategic priority to become a leading and large sale precision farming enterprise."

Looking forward, the chief executive said CFC "is well placed to make further substantial progress and we remain confident regarding our prospects for 2012".