Spanish processed meat maker Campofrio Food Group has recorded an increase in first quarter net income.
For the three-month period the firm earned EUR3.8m (US$4.8m), an increase on the EUR0.4m earned in the prior year period.
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The company also achieved a turnaround in its sales trend, increasing sales volume by 1.3% and reaching net sales of EUR430m in the quarter.
Campofrio said the improvement in the sales trend came thanks to a 5% growth in branded volume. This was noticeable in the company’s two largest markets, which saw branded volume growth of 13% in France and 8% in Spain in the first quarter.
EBITDA climbed 28% for the period to EUR34m, with a margin on sales of 7.9%.
“The company’s ability to substantially improve margins through continued productivity gains, combined with restored growth momentum, demonstrate its resilience even when faced with the current economic challenges,” the firm said.
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By GlobalData
