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ALBERT FISHER GROUP PLC ISSUES TRADING STATEMENT

 ALBERT FISHER GROUP PLC ISSUES TRADING STATEMENT
 WINDSOR BERKSHIRE, England, July 9 /PRNewswire/ -- Albert Fisher


Group PLC today issued the following statement:
 The excess supply of fresh produce in Europe and North America, an industry-wide phenomenon the duration of which is at present uncertain, has caused the board of the Albert Fisher Group PLC ("Albert Fisher") to expect the profits for the second half of the year ending Aug. 31, 1992 to be significantly lower than those which were expected at the time of the interim statement.
 Exceptionally high crop yields of a wide range of fresh fruit and vegetables, combined with the expansion by growers of cultivated acreages and early harvests, have let to an unprecedented and unforeseen seasonal over supply. Sales volumes are continuing well in line with expectations; however, this over supply has resulted in severe produce sales price deflation both in Europe and in North America which is having a material impact upon the level of profitability of Albert Fisher's fresh produce operations. Profitability on apples, grapes and pears imported from Chile into Europe was particularly adversely affected.
 The recession in Europe has also affected the profitability of some of the group's other European operations compared with previous expectations, although to a much lesser extent.
 The group has a strong balance sheet, a positive net cash position and its operations are cash generative. While the board considers it inappropriate to make a dividend forecast at this stage of the year, it remains conscious of the importance of dividends to shareholders. The group is well placed to take full advantage of a recovery in its markets. In the current extremely difficult economic and trading conditions the board is taking all steps within its control to improve the profit performance of the group.
 -0- 7/9/92
 /CONTACT: Tony Millar or Ian Quinlan of Albert Fisher Group PLC, 0753-857111, or David Brewerton of Brunswick Public Relations, 071-404-5959, for Albert Fisher Group/ CO: Albert Fisher Group PLC ST: IN: FOD SU:


TQ-OS -- NY011 -- 7740 07/09/92 09:21 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
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