Finnish snack and ingredient group Raisio has booked an increase in third-quarter earnings and lowered its sales guidance for the full-year.
In the three months to the end of September, EBITDA reached EUR15.6m (US$21m). This was up from the previous year’s EUR14.8m, the company reported today (5 November).
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A reduction in operating costs, however, offset a 7.1% drop in sales to EUR149.5m. In the firm’s brands division, revenues fell 14.9% to EUR73.3m in the period. Sales in Raisio’s Northern European region, part of the consumer brands unit, were also down, partly due to the sale of its margarines business.
“The group’s EBIT … is the current Raisio’s all-time best quarterly result,” said CEO Matti Rihko. “Market conditions in all our operations are challenging and it is a great accomplishment to maintain margins in a rapidly changing environment as the eurozone economy keeps contracting.”
For the remainder of the year, Raisio said it will focus on its breakfast and snacks operations in the UK. Its guidance of a “solid improvement” in EBIT remains unchanged. Net sales, however, are estimated to be slightly lower than last year.
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