SPAIN: Campofrio posts 9% profit growth for H1
Campofrio is set to acquire a French chorizo producer
Spanish processed meat firm Campofrio has posted a 9% jump in half-year profits after seeing sales volumes in its domestic market and France increase.
Campofrio yesterday (29 July) posted EUR10.7m net profit for the first half of 2010, a 9.2% increase over the same period last year.
The company said it had "achieved a turnaround in its sales trends", which inched up 1% to EUR864m.
The company said its two largest markets, France and Spain, saw branded sales rise 7% and 4% respectively.
Campofrio's EBITDA jumped 22% year-on-year to EUR73m. "The company's ability to substantially improve margins through continued productivity gains, combined with restored growth momentum, demonstrate its resilience even when faced with the current economic challenges," it said.
This week, Campofrio announced it is set to acquire chorizo specialist Salaisons Moroni, which is located in south-west France.
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