UK/UKRAINE: Crisis hits dairy firm Ukrproduct
Ukraine's London-listed dairy firm Ukrproduct told the market today (10 March) its sales have fallen below expectations as the political crisis in the country hits consumer confidence and affects distribution.
Ukrproduct said open markets "serving mass and mid-market" had closed.
The devaluation of the hryvna has also driven up unit costs, which have been further affected by high raw milk prices. Sales volumes of processed cheese and packagd butter are down year-on-year.
A fall in the confidence of Ukraine's banks is "limiting" credit facilities but Ukrproduct said it had "sufficient support" from its banks.
However, Ukrproduct said the drop in the hryvna had helped export revenues. The company said it would look to grow its business outside Ukraine.
Nevertheless, Ukrproduct said a "sizable increase" in the US dollar exchange rate would "significantly decrease" its consolidated results after the translation into its presentation currency, which is sterling.
- Rabobank's early view on Brexit impact on food
- Brexit sparks uncertainty for UK food - comment
- How local model protects Nestle - interview
- Quorn Foods confident in prospects - interview
- How to win in Australian gluten-free cereal
- Brexit – Live reaction from food industry
- Nestle names new CEO
- Brexit - UK food trade body issues warning
- Brexit – US confirms commitment to TTIP with EU
- Brexit - Europe's food makers call result "a blow"
- Top Trends in Snacks, Confectionery, and Desserts; Exploring consumer and innovation trends in key categories
- Frozen Bakery Products Market by Type, Distribution Channel, & by Region - Global Trends & Forecast to 2020
- Singapore Food and Drink Report Q3 2016
- Fast Food in India
- Country Analysis Report: Saudi Arabia, In-depth PESTLE Insights