Finnish food group Raisio today (20 December) increased its forecasted EBIT for its 2011 financial year on the back of profits from its UK operations.
In February, a week after its acquisition of UK firm Big Bear Group, Raisio said it expected EBIT to be 4-5% of net sales. The acquisition of Big Bear added brands including Sugar Puffs cereal and Fox’s confectionery to a UK business that already housed UK snack firm Glisten.
Today, Raisio, which also owns Benecol spreads, said EBIT in 2011 would be 5-6% of net sales, which it estimates to be between EUR550m (US$719.5m) and EUR560m.
Raisio said the adjustment is based on growth and good profitability from its UK acquisitions.
It added that it does not expect to implement other growth projects that would place a “significant burden” on EBIT for the year.
Raisio’s financial statements for 2011 will be published on 14 February.