NORWAY: Q4 weighs on Orkla profits
By: Michelle Russell | 9 February 2012
Norwegian conglomerate Orkla today (9 February) booked "satisfactory" operating profit for fiscal 2011, as its consumer goods unit Orkla Brands maintained a "strong" position in "challenging" market conditions.
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Norwegian conglomerate Orkla today (9 February) booked "satisfactory" operating profit for fiscal 2011, as its consumer goods unit Orkla Brands maintained a "strong" position in "challenging" market conditions.
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Seven months ago, Orkla CEO Bjørn Wiggen announced the Norwegian conglomerate would focus on the FMCG sector, earning praise from analysts in the process. This week, Orkla stunned the market with news that Wiggen had decided to resign. Eyebrows were raised further yesterday when it emerged the boss of Orkla's FMCG unit would also leave the business. Industry watchers believe the departures will not mean a change in direction but could suggest Orkla's owners were frustrated with the slow progress of the company's new strategy. Michelle Russell reports.
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