Working itself out from under a rough 2007, B.C. greenhouse and horticultural plant supply firm Bevo Agro is reporting increased business from U.S. buyers.
The Vancouver-area company last fall reported a net loss of almost $280,000 on $19.8 million in sales for its 2007 fiscal year ending June 30, citing lower sales and profits due to the rising Canadian dollar, and a write-off of bad debts. That’s compared to a net profit of about $805,000 on over $22 million in sales in fiscal 2006.
Bevo reported Monday that one U.S. client, citing “positive results” in 2007, has boosted its order to two million propagated plants, which the company said is “a fivefold increase over last year.”
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Bevo also reported it had again been picked by discount retail firm Costco International as one of the “prime suppliers” of bedding plants and other floral products to Costco’s stores in Washington. Costco’s web site lists 28 locations in that state.
The Costco-bound shipments will increase this year by the equivalent of 75 semi-trailer loads, the company said.
Bevo bills itself as North America’s leading supplier of propagated agricultural plants. Operating out of a 34-care production facility, it grows and distributes vegetable, flower, berry and other plant seedlings, primarily for wholesale vegetable greenhouse growers, field growers and
nursery operators.
Bevo was able to pick up a new financing package worth $24 million from Farm Credit Canada in February, partly to help pay off an overdue $5 million debenture to a Vancouver private equity firm.
