Natural and organic food group SunOpta has booked an increase in full-year profits on the back of growing sales and improved profitability.
The Canadian company said that EBITDA in the year to 1 January rose to C$59.2m (US$61m), up from C$29.2m last year. SunOpta’s net income rose to C$61.1m versus a net loss in 2009 of C$6.8m in 2009.
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The result was boosted by a post-tax gain of C$11.9m on the sale of SunOpta’s Canadian food distribution unit and a net gain after tax of C$34.9m on the sale of SunOpta BioProcess.
Sales increased by 9.8% to C$898.9m. sunOpta was able to increase operating margins to 4.6% during the period, up from 1.5% in the previous year.
“Our earnings from operations have shown significant improvement and reflect our continued efforts to improve returns in our core operating segments,” president and CEO Steve Bromley said.
“While we are pleased with the improvements realized, we believe there is further opportunity, and we are working to realize continued improvements in support of our goal of 8% earnings from operations. Over the course of 2010 we completed a number of strategic transactions, acquiring two core businesses and disposing of two non-core businesses, all in support of our mission to build a focused global leader in natural and organic foods.”
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