First-quarter profits at Canadian group Premium Brands Holdings were flat as the company incurred restructuring costs.
Premium Brands booked net income of C$1.2m (US$1.2m) for the 13 weeks to 30 March, a figure it posted in last year’s comparable period.
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Adjusted EBITDA increased from C$11.6m to C$12.8m – a company record – but costs linked to restructuring initiatives hit the company’s bottom line. The programmes include the closure of a deli plant and transfer of production to a site owned Premium Brands attained when it acquired meats firm Freybe Gourmet Foods.
Revenue for the first quarter also reached a record level, increasing 5.9% to C$229.2m.
Over 60% of Premium Brands’ sales are to retailers. Turnover from that side of the busines was up 4.3% during the quarter – below the company’s 6-8% target. It forecast 2013 retail sales would be “at or slightly below” that target.
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