Wessanen reduced its net losses in fiscal 2013 thanks to lower operating costs and a reduction in financing expenses.
The Dutch group said net losses fell to EUR100,000 (US$137,071), compared to a loss of EUR52.9m in 2012. The group benefited from a 13.6% reduction in the cost of servicing debt as well as improved operating margins. Operating profit rose to EUR11.9m, up from a loss of EUR30.8m in 2012.
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Sales from continuing operations, however, were down on 2012. Sales in 2013 slipped to EUR508.5m, compared to EUR520.1m in the prior year.
Wessanen attributed the fall in sales to mix adjustments designed to increase profitability as it focused on higher margin items. The group grew branded revenues by 4.1% in the 12 month period.
Wessanen, which owns brands including Kallo rice cakes and Whole Earth peanut butter, has embarked on a strategy to focus on core natural and organic operations. In April last year, the group acquired French-based organic and fairtrade food firm France Alter Eco. Last month, Wessanen indicated its intention to sell off frozen snacks unit Izico.
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