Fleury Michon has posted higher sales but lower profits for the year

Fleury Michon has posted higher sales but lower profits for the year

Fleury Michon, the French cooked meats-to-seafood group, has reported mixed results for the full year. 

Profits, as it had forecast earlier in the year, had been dampened by higher costs and increased competition in the retail sector.

Net profit fell to EUR17.9m (US$20.4m) from EUR17m. Operating profit was flat year-on-year at EUR28.6m.

As reported earlier, sales for the full year period increased 7% in 2015 to EUR757.6m on the back of growth in its cooked meats and ready meals businesses. 

Alongside its full year results, Fleury Michon posted the sales results for the first quarter. Group sales for the period grew 1.4% to EUR184.7m.

Its international division benefited from higher sales in Canada and Slovenia, and its food services division also saw increased sales.

Sales in France, however, did fall 0.5% to EUR158.3m as a result of increased promotional pressure in its pork hams and surimi businesses.