Tipiak said seasonality of business means results weighted to H2

Tipiak said seasonality of business means results weighted to H2

Tipiak, the French food group, has reported a first-half loss of EUR1.4m (US$1.5m), higher than it recorded in the first six months of 2015, despite a rise in sales.

In the first half of 2015, the company ran up a loss of EUR1.2m.

The company did not provide a detailed breakdown of its costs but said it had upped its investment on marketing by EUR500,000 versus the first six months of 2015.

The business, which manufactures products ranging from patisserie to croutons, posted an operating loss of EUR1.7m, compared to an operating loss of EUR1.1m in the first half of last year.

Tipiak had already reported its first-half sales last month. The company posted an improvement, with growth in both the first and second quarters but the company saw its top-line expansion decelerate in the second quarter.

The company noted the "strong seasonality" of its operations meant "most of its results" are achieved in the second half of the year.

In 2015, Tipiak booked a 3.6% increase in revenue to EUR192.6m, helped by the growth in sales of branded products. Net profit was up 3.6% at EUR4.6m.

However, Tipiak had believed it could grow revenue and earnings by 6% in 2015.