Vandemoortele Group has reported a profit from operations (EBIT) of EUR57m (US$67m), on the back of turnover of EUR1.1bn.
“Vandemoortele Group realised good operational results in 2009, this in spite of the difficult economic context,” the company said in a statement.
It added that its results were “higher than the two previous years, in absolute numbers as well as compared to turnover,” without providing actual comparisons.
The group said it also has a strong balance sheet, with equity four times higher than net financial debt.
Vandemoortele Group operate in bakery products and lipids (margarines and fats). It acquired the French baking group Panavi in 2008 and recently the margarine- and fats division of Van Dijk Food Products.
In a statement it said: “For bakery products, 2009 was geared towards the integration of Panavi and the increase in production efficiency. The integration of Panavi is perfectly on schedule and the results are satisfactory.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The company said that at its annual general meeting it appointed two new independent board members. The newcomers are Alfred Bouckaert, until recently CEO Norcee Axa) and Michel Léonard, recently the head of Lactalis, the second biggest French dairy company.
The board now consists of 13 members.