French dairy group Bongrain has enjoyed a jump in turnover for the first quarter of 2008 helped along by a price increase in the group’s cheese operations.
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Turnover was up 11.7% in the period to 31 March, to EUR899.1m (US$1.4bn) from EUR791.2m for the same period last year.
Bongrain’s results do not take into account Bongrain Gastronomie, which was sold last October, or Bongrain’s veal operations, the divestment of which is scheduled for 2008. The 2007 turnover figure was adapted accordingly to allow for comparison.
The first quarter of 2008 has continued to see strong increases in international milk prices, whilst global prices for processed dairy products have already started to fall significantly.
This is expected to impact on Bongrain’s operational margins and to limit the progression of the group’s dairy operations’ turnover. The situation is expected to improve from the second half of the year.
Investments have continued at a normal pace and the group’s overall financial situation remains very satisfactory, the company said.
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By GlobalData
