Belgium-based food group Ter Beke has booked a drop in full-year profits as efficiency efforts and higher sales failed to offset rising input costs.
The company said today (1 March) that full-year EBITDA fell to EUR31.1m (US$40.4m), down 6.3%. Operating profit declined 11.7% to EUR11.1m. Net earnings were down 8.9%, dropping to EUR8.2m.
Ter Beke blamed the decline on higher input costs, highlighting wage, raw materials and energy costs. The company also invested EUR12.1m in restructuring and efficiency drives.
The group emphasised that it was able to push price increases through in the period and added that it stepped up marketing activity to drive volumes of more profitable lines. As a result, sales were up 4.3% to EUR421m.