Iglo sales flat

Iglo sales flat

European frozen food manufacturer Iglo Group today (26 September) reported stagnant second-quarter sales but said it had seen market share gains in seven out of the 12 markets in which it operates.

Iglo, which is owned by private-equity firm Permira, did not provide figures with its performance update. However, it said reported net sales during the quarter remained flat year-on-year. Revenue dropped 0.9% on a constant-currency basis.

"Tough market conditions continue to impact the sector with consumer spending under pressure across all European markets. This has resulted in the defined frozen category declining by 0.9% in the second quarter. Despite this, Iglo has delivered value share growth in seven out of 12 markets. We have heavily invested in our new campaign to support not only the core but also to drive the launch of the new innovations," CEO Elio Leoni Sceti stressed.

Product launches included the Inspirations range which, Iglo said, has "performed well across all markets where it has been launched". Notably in the UK, the range delivered net sales of more than EUR7m (US$8.9m) in the period, the Birds Eye maker said.

Iglo said gross margin increase of 2.3% year-on-year. However, EBITDA was flat and down 3.1% on a constant-currency basis.

Click here to view the company's announcement.