French dairy group Bongrain has blamed the economic climate for a slide in annual revenues in 2009.
The company said on Friday (5 February) that turnover fell 7.4% to EUR3.28bn (US$4.51bn) as its non-cheese sales slumped 12.5%.
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Bongrain’s cheese sales, which make up two-thirds of the company’s revenue, recovered in the fourth quarter of 2009 but were still down 5% over the whole year.
The group said sales were hit by lower pricing during 2009.
Bongrain’s full financial figures for the year will be published on 11 March.
