French vegetable processor Bonduelle has booked a jump in first-half sales and profits, on a solid branded performance.
The company said today (28 February) that revenue rose to EUR879.7m (US$1.15bn) in the first six months of the fiscal, an increase of 11.3%. The company said that a “solid” performance from its brands enabled it to return to growth in the Eurozone during the second quarter, moderating first-quarter losses. Outside Europe, the group booked double-digit revenue gains in the half.
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Operating profit, excluding one-off items, rose 14.2% to EUR52.2m. Operating margin rose to 5.3% from 5.2% in the comparable period of last year, boosted by pricing and an improved product mix.
Net profit leapt 40.6% to EUR25.9m. Currency exchange bolstered the bottom line adding EUR1.9m to profits compared with a EUR3.4m loss for the first six months of last year.
Bonduelle said it has made good progress integrating the three acquisitions it completed in Russia, Hungary and the US last year.
The company added that it is “confident” of achieving full-year sales growth of 8% in a “mixed” European consumption environment. The group said it is on-track to record a 7% increase in profits, in line with long-term guidance.
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