Receive our newsletter – data, insights and analysis delivered to you
  1. News
March 17, 2016

Grupo Siro sees mixed 2015

Spanish biscuit-to-pasta maker Grupo Siro reported lower operating profit for 2015 in a year that the group increased investment in its operations and grew sales. 

Spanish biscuit-to-pasta maker Grupo Siro reported lower operating profit for 2015 in a year that the group increased investment in its operations and grew sales. 

The company said EBITDA totalled EUR90m (US$101.9m) in the 12 months to end-2015. According to the group’s annual report for 2014, the firm saw EBITDA of EUR93m in the prior year. 

However, Siro insisted that 2015 marked a year of “sustainable growth”. The company saw sales rise to EUR602m, versus EUR563m in 2014, as the group leveraged its strategic partnership with retail customer Mercanona. 

The company also stressed that it increased investment in the period, investing a total of EUR30m in initiatives that resulted in 163 new jobs. The company said that it has also earmarked EUR9.5m in establishing a research and development facility. 

Siro further extended its commitment to developing a sustainable agri-food chain. The group said its co-product relationship with Mercadona enabled it to eliminate almost 90% of excess and waste in its manufacturing process. The company also operates a sourcing arrangement that aims to support local farmers through its global operations, with 91% of supplies purchased at a local level. 

Content from our partners
GMP: The food sector’s golden rules (and how they will evolve)
Food fraud in the supply chain (and how to fix it)
VEGA level and pressure instrumentation for the food industry
Related Companies

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU