Icelandic food group Alfesca has posted a 20.3% rise in EBITDA for the third quarter to EUR8.7m (US$13.7m), on sales up 7.1% at EUR128.8m.
On a like-for-like basis, quarterly sales rose by 4.3%, the company said. Net income for the third quarter reached EUR1.8m, up 40.8%.
“In a very difficult trading environment, our results for the third quarter were satisfactory, demonstrating once again the strength of Alfesca’s business model,” said CEO Xavier Govare.
Rising raw material costs had had a negative impact while current economic uncertainties and consumer price inflation had reduced household expenditure and consumer confidence, Govare said. In addition, the weakening of sterling against the euro had also impacted the results of our UK business, he said.
Nevertheless, Govare was encouraged by the third-quarter performance. “Despite this negative background, our results for the quarter and year to date are encouraging as overall we continue to deliver an on-going and profitable growth,” he said.
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“With our diversified portfolio, the healthy sales performance of our salmon and prawns pillars helped to compensate the poor performance of the other two pillars of our business – the Foie Gras and Duck and Blinis and Spreadables pillars.”
