BELGIUM: Lotus Bakeries profits up in 2009
By: just-food.com | 15 February 2010
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Lotus helped by gain from Harry's disposal |
Belgian bakery group Lotus Bakeries today (15 February) booked a jump in annual profits thanks to lower financial costs and a gain from the sale of its Harry's Benelux business.
The group recorded a 24.8% rise in net profit to EUR25.2m (US$34.3m) for 2009 after financial costs fell by almost 60% and the company sold Harry's to Italian group Barilla.
Operating profit was up 3.1% at EUR34.3m; turnover rose 1.7% to EUR261.1m.
Lotus said the biscuit category in its major markets - including Belgium, the Netherlands and France - shrank in 2009.
However, the company insisted "intensive communication" and "increasing product quality" had maintained "confidence" in its brands.
Lotus added that it expects further growth to come from its 2008 acquisition of Swedish biscuit maker Anna's Pepparkakor Holding.
"The integration of Anna’s is proceeding to plan and is of major importance as a potential source of further growth in North America and in the Nordic countries," Lotus said.
Companies: Barilla
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