Oetker generates 67% of sales outside Germany

Oetker generates 67% of sales outside Germany

German food giant Dr Oetker has said it had a "satisfactory" 2013 amid a "subdued" trading environment but said it sees opportunities for growth, notably in overseas markets.

The privately-owned maker of products from baking mixes to pizza posted sales of EUR2.13bn for last year, up 2.3%. On an organic basis, excluding factors like foreign exchange, sales were up 3.9%.

Domestic sales grew 2.4% to EUR706m. Oetker pointed to slowing economic growth in Germany but pointed to higher frozen food sales in its home market.

Overseas, sales increased 2.2% to EUR1.4bn. Oetker said it saw sales rise 4.6% abroad if the impact of foreign exchange and M&A was excluded from the results.

The company generates over two-thirds of its revenue in overseas markets. CEO Richard Oetker said the group's strategy of making "targeted investments" to develop its business outside Germany had "paid off". He added: "We see further growth opportunities, especially abroad."

The business does not provide specific figures for profits.