Bell Group recorded an increase in net income

Bell Group recorded an increase in net income

Bell Group saw its 2010 net income rise as the Swiss meat processor broadened its range of value-added products.

The company today (17 February) recorded a 16.1% increase in net profit to reach CHF64.5m (US$67.5m).

Sales rose 1.4% to reach CHF2.6bn. Consolidated sales volumes were up 5.1% for the year to 224m kg, while Swiss volumes grew 2.5% to 125.3m kg.

Bell said it faced a "challenging environment" in its international operations, but added that recovery has been "noticeable" in the "majority of target European markets since mid-2010" and that the positive impact on consumption is "becoming tangible".

However, it said that end-consumer prices have "dropped in nearly every market" with Germany seeing the largest falls.

Due to lower prices combined with a unfavourable foreign exchange rates, international sales were up 0.4% to CHF776.2m, despite volumes being up 8.4% to 98,248 tonnes.

Bell expects the European economy to continue improving, providing increased consumption and demand, but that the intensity of competition will remain. It is forecasting moderate market growth and plans to focus on fresh products and products with "high added-value".

Click here for the company's full earnings statement.