JAMES Finlay, the tea merchant with Scottish roots, said it had been hit by poor growing conditions and low prices as it overhauled its finances with a capital injection from parent John Swire and arranged new banking facilities.
Accounts obtained from Companies House show that pre-tax profit at the firm, which trades as Finlays, fell by nearly 40% to £5.4 million in the 2011 calendar.
It was hit by the absence-of-sale proceeds that boosted the previous year's results, and its core tea business was held back by poor growing conditions, disappointing prices and a higher wage settlement in Sri Lanka.
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