PinguinLutosa has reported a strong rise in sales for the first nine months of its fiscal year, benefiting from the knock-on effect of acquisitions and higher volumes.
For the nine months to the end of December, Pinguin Lutosa reported net sales up by almost 32% on the same period of the previous year, to EUR663.2m (US$891m).
The Belgium-based group saw the strongest growth in its frozen vegetable and canning businesses, which reported sales up by 35% and almost 63% respectively. Both of these units were bolstered by the addition of CECAB and Scana Noliko in the previous fiscal year.
PinguinLutosa’s potato division showed the lowest growth over the period, with sales still up by 10.7% to EUR200m. The business is in the process of being sold to McCain Foods.
In its outlook, PinguinLutosa said it is confident that its remaining businesses can increase profitability. The firm plans to increase production capacity, although it warned that it will seek to cut costs in some markets, in particular the UK.