Exchange rate volatility and a one-off charge has weighed heavy on Bonduelle’s bottom line, with the French vegetable processor reporting a 70.7% fall in annual profits.
For the period ended 26 September, Bonduelle recorded a net profit of EUR15.2m (US$19.1m) and attributed the decline to the “outcome of the procedure laid out by the EU” after Bonduelle was fined EUR32.4m for anti-competitive practices in the canned mushroom market. The group said it is now “pursuing its action for misrepresentation against the seller of France Champignon”.
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Operating profit for the year also declined sharply by 35.3% to US$66.6m.
Sales on the other hand were slightly up, helped by Bonduelle’s international business, with “outstanding growth outside the EU”. Sales were EUR1.9bn, 1.3% up against the same period a year earlier.
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