FRANCE: Tipiak H1 losses narrow on higher sales
French food group Tipiak saw its half-year losses narrow in the first six months of 2014, as its namesake brand helped drive higher sales.
Tipiak, a company with products ranging from frozen ready meals to croutons, booked a first-half net loss of EUR200,000 (US$258,690), compared to EUR600,000 a year earlier. It made an operating profit of EUR200,000, versus an operating loss of EUR100,000 in the first half of 2013.
Sales grew 6% to EUR76.2m, with revenue from Tipiak's dry foods - which includes culinary ingredients and cereal-based dishes - up 7.8%. Revenue from Tipiak-branded sales through France's retail channel were up 12.7%.
The bulk of the group's sales are made in the second half of the year due to the seasonal nature of its business. In 2013, Tipiak generated sales of EUR175.3m, up 1.9% on 2012. It expects sales to rise year-on-year in 2014.
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