UK ice-cream maker Richmond Foods has forecast full-year profits in excess of last year despite the considerable downturn in summer weather.
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The company yesterday [Thursday] upped its full-year profits forecast to “in the order of £14m (US$25.2m). Last year H2 profits came in at £10.5m
CEO James Lambert reported like-for-like sales up 1% before the benefit of acquisitions. New products had helped push its share of the take-home market up from 28.7% to 33.7%, he said. Richmond is market leader in this segment, and has a 26% share of the smaller impulse-buy market, reported the Financial Times.
Meanwhile the company said that the proposed closure of its ice cream factory in Devon could lead to 175 job losses. The closure of the plant at Ivybridge, near Plymouth, next year is part of a plan to cut operating costs, expand capacity and invest in new machinery.
Production would be transferred to sites in Richmond in North Yorkshire, Leeds and Wigan, which have space for new machinery.
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By GlobalData
