How is it possible that Topigs Norsvin had to refute red figures for 2015, while the competition did write green figures? This is what Jim Long, chairman and CEO of the Canadian breeding organization Genensus, wonders.
When Long saw Topigs Norsvin's results, he was amazed at the poor return and even asked the company's management for confirmation. According to the CEO, it is strange that the British Genus PLC, for example, in the same market in the same year, managed to write a gross profit of about 50 million British pounds and that Topigs-Norsvin lost almost 7 million dollars at the bottom. According to Long, it is a bad sign that a company like Topigs Norsvin has to refute such figures in a market where there is usually good money to be made.
In 2014, Topigs merged with Norsvin and the research and international activities were merged. In their own words, this merger was not created from the point of view of cost savings, but the collaboration was actually based on the ambition to realize progress in the pig sector. At the time, Long was already surprised that the financially powerful Norsvin was merging with Topigs. According to the Genensus chairman, the results are a sign that Topigs mainly needs Norsvin and not the other way around.
Incidentally, there may be some nuance to Long's criticism. When announcing the annual results in June, Topigs chairman John Lorist said results had been affected by a reorganization in China and that poor prices in Europe were also not cooperating. On balance, turnover in 2015 rose by 10 million to around 120 million euros.
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