Shares in French processed vegetable group Bonduelle tumbled today (5 October) after the company forecast falling profits for its coming fiscal year.
Bonduelle’s stock was hit following the company’s admission that it expected a “significant but non-recurrent” fall in operating profit in its 2010/2011 financial year. The group also forecast a “limited” increase in turnover.
Go deeper with GlobalData
The warning sent Bonduelle’s shares sliding and they were down 7.2% at EUR63.52 at 12:54 CEST this afternoon.
Earlier, the company had reported a doubling in its net profit for the 2009/2010 fiscal year from EUR26.6m (US$36.6m) to EUR58.3m. Full-year operating profit was up 2.5% at EUR101.8m and turnover rose 2.3% to EUR1.56bn.
Bonduelle said its 2009/10 results had benefited from the integration of recent acquisitions including Belgian canning company La Corbeille and Canadian groups Family Tradition Food and Omstead Food.
Sales were also boosted by Bonduelle gaining market share across its major markets through promotions and new products.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataOperating profit was helped by better profits from chilled vegetables in Europe. Net profit jumped as the company was lapping a year when its bottom line was affected by “the fair-value evaluation of financial instruments”.
Click here for Bonduelle’s full-year earnings statement.
