Spanish food group Ebro Foods has reported that it saw annual profits more than double in 2010, which it described as an “excellent” year for the business.
In a presentation released yesterday, prior to the firm’s full results, which will be published on 28 February, the firm said net profit climbed 120% to EUR388m for the year. EBITDA will have grown by 11% to EUR271m it added.
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“Although we are going through a period of international crisis, our businesses are nevertheless growing,” Ebro said. “We have seen that by implementing cost-cutting measures, investing in advertising and innovation and finding synergies between our businesses, we have achieved almost double-digit growth rates, far beyond even our own targets.
“The evolution of raw material prices will not affect us in 2011. We are specialists in raw materials and we successfully manage both in volatility and stability environments,” it added.
