Armanino Foods of Distinction, a US-based frozen Italian food maker, has booked “record” sales and profits for the 12 months to end-December.
For fiscal 2015, sales rose 10% to US$34.6m versus $31.4m in 2014. Income from continuing operations increased 6% to $6.3m. Net income totalled $4m, a rise of 5%.
“On-going growth in sales within our domestic markets fuelled the year over year increase…We continued to spend aggressively in promotional investments to increase our US market share and profitability in the short and long term,” CEO Edmond Pera commented.
Looking to 2016, Pera said that the group is “cautiously optimistic” about sales and profitability. “The sales pipeline in our US markets appears strong, and we are working on several exciting and significant projects. Preliminary indications for the first quarter of 2016 show that orders for delivery to our Asian markets are trending higher than the same period last year. However, given the current weak economic environment in that part of the world, and the strong dollar, we remain guarded with regard to our longer term outlook in those markets,” he explained.