Tonkens Agrar - Drought affects profits
Tonkens continued with its strategy of increasing volumes of higher-margin processed vegetables in FY18/19, supporting a 17% y-o-y increase in group revenue. However, as flagged by management in March, the prolonged drought in calendar year 2018 caused a scarcity of vegetables, cutting profit before tax by €0.6m to €0.2m. Management expects that continued drought in calendar year 2019 will result in a similar financial performance for FY19/20.Tonkens Agrar AG. Tonkens Agrar AG is a Germany-based company that provides agricultural services to the food industry and the wholesale trade. The Company's business activities are divided into the areas of milk production and the cultivation, storage, processing and marketing of food crops, with a focus on cereals, potatoes, corn, rape, sugar beets, and onions. In addition, the Company produces energy from biogas plants based and solar energy. The Company operates facilities in Wanzleben, Magdeburg, Stemmern, Kroppenstedty, Osterfeld and Weickelsdorf. The Company operates Boerde Vita GmbH, Milch und Zuchtbetrieb Hendriks GmbH, Agrar und Milchhof Stemmern GmbH, Osterfelder Agrar GmbH, Osterfelder und Boerdelagerhaus GmbH as subsidiaries.
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