Belgian food group PinguinLutosa returned to profit in its last financial year, boosted by acquisitions and a strong performance from its frozen vegetable division.

Earnings in the 12 months to the end of March amounted to EUR11.6m (US$14.9m). This compared to a net loss of EUR14.1m last year, the company reported today (29 May).

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The result was bolstered by the acquisitions of frozen food assets it acquired from French co-op CECAB and of canned food business Scana Noliko in the previous fiscal year. EBIT reached EUR35.3m from EUR3.3m last year.

The company said each of its three divisions obtained “good” results, with a “considerable” increase within the deep frozen vegetable division. The unit recorded a sales increase of 4% to EUR407.7m, representing 46.5% of total sales.

Group sales in the period were up 5.2% to EUR832.8m.

Click here to view the full earnings release.

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