Shares were Tuesday quoted at
In a statement, William Sinclair, which produces horticulture products for garden centres and other customers, said sales to both retail and professional customers have disappointed. Margins also disappointed, but to a lesser extent. On the basis of underlying earnings before interest, tax, depreciation and amortisation, William Sinclair expects to "broadly" break-even.
"Whilst order intake and sales early in the season were encouraging, the extent of the growth in revenues compared to the prior year that had been anticipated to result from a return of more normal weather patterns did not fully meet expectations," William Sinclair said in a statement.
"Whilst large cash inflows are awaited in respect of the claim against Natural England, no settlement of this claim is expected before a court decision later this Autumn, with any award not likely to be paid before the end of the calendar year," William Sinclair said.
William Sinclair said it still has the support of its lenders.
William Sinclair said it has already recognised the need to refresh its brands and sales organisation.
In 2013, William Sinclair's interim dividend was
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