Dutch bakery ingredients company CSM has reported a 10.1% rise in net profit before goodwill for the full year to the end of September.

The company reported net profit from ordinary operations before amortisation of goodwill of €195.2m (US$193.9m), compared with €177.3m last year. Analysts had forecast profit of €196m.

Net profit after goodwill and excluding exceptional items was up 7.2% to €153m, while total sales fell 5.6% from €177.3m in the previous year. The company said the fall in sales was due to the sale of its food unit, while profits were boosted by acquisitions and cost-savings.

CSM, which makes King mints and Sportlife chewing gum, has taken over four businesses in the last year including the Dutch ingredients business of German company Hero’s, reported Het Financieele Dagblad.