Meat processor HKScan has said it now expects a sharper decline in 2016 operating profit than previously suggested. 

In an update today (13 January), the European meat company said it now expects comparable EBIT to total EUR12-14m (US$12.7-14.8m), versus EUR21.5m last year. 

The company had said its comparable operating profit for 2016 will “remain at the previous year’s level or below it” when the company issued a previous profit warning in October. Prior to this, HKScan had forecast higher operating earnings for the year versus its performance in 2015.

HKScan said the weaker result was “mainly due to the weakened profitability of market area Sweden”. 

HKScan will publish its financial statements 8 February. 

In fiscal 2015, the group reported net profit of EUR1.9m (US$2.06m), down from EUR57.1m in 2014. EBIT of EUR9.6m compared to the EUR55.5m generated in 2014 but underlying EBIT hit EUR21.5m, up sharply from the EUR12.4m HKScan made in 2014. 2015 net sales were down 3.6% at EUR1.92bn.  

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier this year, the company appointed  Jari Latvanen as its new chief executive. Laiho took the helm at HKScan after chief executive Hannu Kottonen exited the firm in January. At the time, the company did not provide a reason for Kottonen’s departure.