A positive showing from Wessanen’s distribution business in North America has led to healthy profits at the Dutch food group.
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The company, which also owns US organic food group Tree of Life, saw annual profits jump 49% to EUR63.1m (US$93.8m) in 2007.
CEO Ad Veenhof said the results vindicated Wessanen’s decision to restructure its business in North America.
“The turning point came in the second quarter of 2007, when our North American distribution business started posting positive growth,” Veenhof said.
“Our efforts spent on restructuring the businesses in North America and Europe, strengthening our brand and innovation strategy and optimizing our customer services in distribution have resulted in growth levels in line with or above our run-rate year-end 2007 targets.”
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By GlobalDataFull-year revenue was flat, dipping 0.6% to EUR1.6bn, due largely to a weak US dollar.
The performance led Wessanen to up the revenue target for both its North American branded and distribution businesses from 5-7% to 6-8%.
