Halloren saw its investment in Belgian private-label firm Bouchard Daskalidès continue to eat into earnings in the first half of the year but the German confectioner said the results were in line with expectations.
The company’s EBITDA for the first six months of the year was EUR560,000, down from EUR1.8m a year earlier.
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Halloren made an operating loss of EUR2.3m, compared to EUR850,000 in the first half of 2013.
The company cited high raw material costs but said the “strain” on the results was the integration of Bouchard, of which it acquired 50% in December 2012.
“However, we are moving in line with our expectations,” CEO Klaus Lellé said.
Group sales jumped 22% to EUR46m, boosted by the investment in Bouchard. Underlying sales were up 14.3%, Halloren noted.
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By GlobalDataAnnual sales are forecast to be up 6% at EUR125m. Halloren expects full-year operating earnings to improve, with net profit similar to that achieved in 2013, when it reported a bottom line of EUR2.2m.
