G. Willi-Food International has said that it anticipates revenues to increase by approximately 20% in the third quarter of 2006 over the comparable period of the previous year. The company added that it expects a revenue increase of around 22% for the first nine months of 2006.
Zwi Williger, president and COO of Willi-Food, said: “We continue to deliver consistent top line expansion in a dynamic market. The third quarter will mark our fourth consecutive quarter of double-digit revenue growth over the prior year and a 12% increase over second quarter.
“Overall demand for our products is only getting stronger and our new product lines have been well received. We recently launched a new cheese product similar to Roquefort, called Bloose, which we developed with our partner Arla Food. This is a unique product and represented a significant technical challenge, which I am happy to say we overcame successfully.”
Albert Israeli, CFO, said that the company has attained necessary financial backing to fund continued expansion. “Willi-Food closed a US$10m private placement with US institutional investors that provides us with the capital to build a new distribution centre that will increase our capacity and enable us to move forward with our plan to expand internationally.
“We are aggressively targeting opportunities to cross-market our innovative products to both kosher and organic consumers in the US, which represent markets of approximately $14bn and $24bn respectively,” continued Williger. “The health benefits of eliminating animal fats in the ‘kosherising’ process make our products attractive to consumers looking for better tasting low-cholesterol and low-fat alternatives, as well.”
Willi-Food is due to publish its third quarter results in late November.