Premium Brand Holdings has booked a drop in first-half earnings as restructuring costs hit the bottom line.
The Canadian speciality food group said net earnings in the six months to 30 June fell to C$6.54m (US$6.26m), down from $8.11m in the comparable period of 2012.
Restructuring costs in the period rose to $4.5m, up from $1.6m in the first-half of last year. The company transferred production from its Richmond deli meats plant to other sites and rationalised its delivery network.
The group booked an increase in gross profit, however, which rose to $69.9m in the period, up from $66.3m last year. Adjusted EBITDA rose to $33.8m, up from $32.3m in 2012.
Sales were also up, rising to $508.1m, up from $465.4m.
Click here to view the release from the company.
