Belgium-based food group Ter Beke has said it will be “difficult” to maintain its previous full-year guidance due to a drop in third-quarter turnover and earnings.
In a trading update today (8 November), the firm said its turnover in the quarter is lower than in the same period of last year. While processed meat sales were up in the quarter, ready meals experienced a drop in turnover and volumes due to late contract starts.
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Additional investments in the ready meals market also resulted in an operating result lower than in 2012. This was only partially offset by the increase in the processed meats division.
“Based on the turnover evolution in the third quarter, the group believes that the formerly announced ambition, i.e. to realize a 2013 result that equals the result of 2012, is difficult to maintain,” the company said.
