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CSM, the Netherlands-based bakery products supplier, today (27 October) warned it had started to increase its prices in the wake of a “substantial” rise in commodity costs.

The company said higher raw material prices were already hitting its operating profit and forecast a rise in the price of its main commodities by 20-30%.

CEO Gerard Hoetmer said: “Across all our divisions we see raw material markets increasing substantially. We have taken the first steps to increase the selling prices to compensate for this.”

CSM posted its third-quarter results today, which included an 11.9% rise in EBITA to EUR53.3m (US$73.7m). The company said commodity hedging had provided “some relief” but costs still rose.

Sales climbed 23.5% to EUR783.7m boosted by the February acquisition of US firm Best Brands. On an organic basis, sales were up 1.4%.

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By GlobalData