THOSE slings and arrows of outrageous fortune rained down mercilessly on agri-business group Greencore during the first half of its trading year.

No stranger to fighting its corner against hostile forces the group emerged bruised but essentially robust and optimistic, after interim results this week showed a £3.7 million dip in pre-tax profits to £21. 7 million.

The group was buffeted by adverse currency movements, tighter margins, an eight week strike in the sugar plants and a farmers' boycott of its fertilisers, quite apart from a £5.8 million charge set against the fine imposed by the EU for anti-competitive practices, medicine requiring more than the usual spoonful of sugar to assimilate.

It is now believed that Greencore's annual pre-tax profits will contract to around £53.5 million, compared with last year's £54.5 million, its first fall in profitability since the then state-owned, Irish Sugar Company was reconstituted as a public company in 1991.

Estimates of the anticipated profit slippage excludes the £5.8 million EU fine, which is now being appealed.

Chief executive David Dilger admits that Greencore is moving into difficult trading conditions in its second half. The Irish Farmers Association's boycott of Greencore fertiliser products in pursuance of higher sugar beet prices ended last week but the negative affect on earnings will show up in the second half. The third green pound revaluation will depress sugar profits while changes in EU storage levies will cost Greencore around £800,000.

The market was pragmatic, believing that the growth should quickly resume once the group's immediate difficulties have been resolved. The share price, which suffered during the first half travails, has benefited from overseas buying in the past couple of weeks and moved ahead 6p to 350p after the interim announcement.