LDC, the France-based poultry supplier, has reported rising annual sales and profits – but the company declined to issue to forecasts for the new financial year.
The business reported a 3% rise in turnover for the year to the end of February, which translated into an 8.6% increase in operating income and a 14.5% jump in net income.
However, LDC said it would wait until it published its results for the first half of its new financial year before presenting its forecasts for the year as a whole.
“In light of the limited visibility on the development of commodities, LDC is approaching the new financial year with caution. Over the next few months, the group intends to continue supporting efforts to revive consumption and pursue a voluntary investment policy,” LDC said. “In this context, the objectives of the group for the financial year 2017-2018 will be specified during the publication of the first-half results.”
LDC’s turnover for the year to the end of February stood at EUR877.1m (US$982.4m), up from EUR850.5m a year earlier. Its operating income reached EUR174.5m, against EUR160.6m the previous year. LDC’s net income was EUR130.3m, versus EUR113.8m.
The company’s deli business saw its sales increase by more than 5% and operating income grow by more than a third. LDC expects the division can “maintain a sustained growth rate” in the new financial year “necessary to offset the rise in raw materials [costs]”.
LDC’s largest division, poultry, reported a 3.1% rise in sales to EUR2.57bn, with its operating income up 7.5% at EUR154.1m.