Dutch food group Wessanen posted a drop in fourth-quarter net profit this morning (25 February), one day after the group announced the departure of CEO Ad Veenhof.
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Net profit for the period was down 33% to EUR10.5m (US$13.5m), while revenue increased to EUR442.2m, against EUR411.5m in the same quarter last year.
EBIT ended at EUR18m, including a gain under ‘other income’ of EUR0.8m and a negative currency effect of EUR0.5m.
The company said it had cancelled its final dividend in a bid to strengthen its balance sheet. Wessanen said it wants to create “financial flexibility”, prompting it to cancel a planned EUR0.45 (EUR0.20) final dividend.
Wessanen did not provide sales or margins guidance for fiscal 2009.
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By GlobalDataVeenhof is to step down with immediate effect and Frans Koffrie will take over as interim CEO.
Commenting on the results, Koffrie said: “We have taken precautionary cost-saving measures to support our operational plans for 2009 in the midst of deteriorating economic conditions.
“At the same time, considering this current economic uncertainty, we believe it is not appropriate at this stage to provide a specific financial outlook for 2009.”
