French vegetable manufacturer Bonduelle has booked an increase in profits for the first half of its financial year, with gains driven by cost-cutting initiatives.
Bonduelle booked net profit of EUR18.4m (US$24.4m) for the six months to 31 December, an increase of 19.2% on the year. Operating profit was up 30.5% at EUR45.8m.
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The increase in earnings came despite a fall in turnover. Bonduelle said its revenue fell 0.6% to EUR879.7m.
However, the company said that once foreign exchange and the impact of the deconsolidation of its frozen business had been excluded from turnover, sales were up 2.1%.
Bonduelle confirmed it expected full-year operating profit to be at the “top end” of a range of EUR98-100m, with turnover up 2-3% or 3-4% on a like-for-like basis.
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