BELGIUM: PinguinLutosa reports higher Q3 sales
- Sales boosted by Scana Noliko and CECAB deals
- Excluding M&A, sales up 0.2%
- Says 2011 will be "difficult" for UK business
Belgian food group PinguinLutosa has reported an increase in sales over the first nine months of 2011, boosted by recent acquisitions.
However, the company, which makes canned and frozen products, yesterday (27 October) booked a 17.2% rise in sales to EUR406.7m (US$576.4m) for the nine months to the end of September.
PinguinLutosa said the figures included three months of sales from canned firm Scana Noliko and one month of sales from a frozen vegetable business it acquired from French co-op CECAB. It bought both businesses earlier this year.
If the contributions from those acquisitions is not included in the results, PinguinLutosa saw its sales increase 0.2%. Without the contribution from the CECAB deal, PinguinLutosa's deep-frozen vegetable division saw sales fall 4.5%. However, PinguinLutosa said a weaker pound had affected sales rom the division, which would have risen 3.8% if the exchange rate had been unchanged.
PinguinLutosa said its results would improve in the second half of the year, which it said was "more important" to the sector.
However, the company said the performance of its UK business remained "below expectations", which it added means 2011 will be a "difficult transition year".
Click here for the complete statement.
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