Ter Beke, the Belgium-based convenience foods group, has announced a fall in half-year profits, despite a slight increase in sales.
In its first-half results, released today (26 August), the company revealed earnings before tax of EUR13.4m (US$19.2m) for the six months to 30 June, an 8.4% drop on the year. EBITDA slid 16.5% to EUR16.3m.
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Ter Beke saw revenue increase 0.6% to EUR198.5m as “strong turnover” from lasagne and pasta meals offset a fall in sales from its processed meats business.
“It is clear that we live difficult economic times. This is reflected amongst others in the rise of raw material prices, a strong rise in energy costs and more prudent consumer behaviour,” Ter Beke said.
In May, Ter Beke released a statement with a warning over its financial performance because prices of “certain important raw materials will further increase” in 2011 and cautioned that price increases on its products were necessary to protect the company’s results.
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