A Birmingham-based global importer and wholesaler of fresh fruit and vegetables has said the Brexit referendum was a major factor in a drop in its profits during 2016, according to new accounts.
Minor, Weir and Willis, which has been trading since 1963, has reported a fall in pre-tax profits to £2m for the 12 months to 31 December 2016, compared to £3m in 2015, while revenue decreased from £160.4m to £148.9m.
The company sources more than 100 products from around 40 countries
A statement signed off by the board said: "The environment has proved challenging during 2016 due to the devaluation of Sterling resulting from Brexit.
"This resulted in a reduction in our profitability as we experienced higher raw material input prises faster than we were able to achieve compensating revenue increases.
"The external commercial environment is expected to remain competitive as consolidation in the industry continues, although we remain confident that we will return to a satisfactory level of performance in the future."
Source: insidermedia.com
