Israeli food group G. Willi-Food has said that it is “well positioned” for growth this year after reporting a 30% rise in revenue for 2007.
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Revenue at G. Willi-Food increased to ILS249.7m (US$64.9m) up from ILS191.5m in 2006.
“This increase was driven primarily by our Baron joint venture and Laish Israeli as well as growth in Willi Food’s organic business in the home market of Israel,” the company said in a statement today (31 March).
However, operating income declined 65% to ILS4.4m and gross margins declined to 20% compared to 25% in 2006. G.Willi said this was primarily due to a steep rise in raw food prices and, to a lesser extent, an impairment charge totalling ILS3.2m.
Looking to the year ahead, Zwi Williger, president and COO, said the group hoped to continue to expand internationally.
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By GlobalData“We expect 2008 to be an improved year for Willi-Food with profitability,” he said. “We are operating a much larger company compared to a year ago, and we hope to continue on our accelerated path of revenue growth. We strongly believe in our business model and know that we have the right management team to achieve our goals of expanding the Willi-Food brand internationally.”
