Bonduelle has reported a fall in profits for 2014

Bonduelle has reported a fall in profits for 2014

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".

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.

Click here for the full results.