SPAIN: Efficiency measures boost Deoleo FY
- EBITDA up 21.2%
- Net sales down 13.7%
The results were boosted by the “good performance” of its international markets
Spanish olive oil producer Deoleo has recorded an increase in full-year profit, boosted by efficiency measures and growth in international markets.
EBITDA in the 12 month period climbed 21.2% to EUR88.3m (US$115.8m), the company reported today (28 February). This was thanks to efficiency measures implemented since its last quarter. The results was also boosted by the "good performance" of its international markets, with North America contributing 67% of total EBITDA.
EBITDA margin grew by 39.4% for the year, thanks to its strategy of developing its brands, cost savings and efficiency measures implemented.
Sales, however, fell 13.7% to EUR828.8m. Deleo said the fall was due to lower olive oil prices during the first nine months of the year.
Kepler Capital Markets analyst Joaquin Garcia-Romanillos said the results came "roughly in line" with their expectations. He added: "We welcome the turnaround in the company".
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