Shares in Dutch food group Wessanen fell 7.59% today (23 February) after the group booked a widening net loss for 2011.
The company posted a net loss of EUR17.1m (US$22.7m) against a loss of EUR6.1m in 2012, after skyrocketing impairment, goodwill and restructuring charges hit the bottom line.
Shares in the group fell to EUR2.72 in morning trade, down from an open of EUR2.80.
Nevertheless CEO Piet Hein Merckens remained upbeat, highlighting the improvement that the firm delivered in its underlying performance.
Full-year EBIT totalled EUR23.7m, up 20% from EUR19.8m last year. EBIT margin increased to 3.4% against 2.8% in 2010.
However, sales declined 0.9%, dropping to EUR706m, although revenues from the group’s grocery operations and from its US drinks business, ABC, boosted the company’s like-for-like sales, which increased 2.9%.
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By GlobalData“The past year was very encouraging for all of us at Wessanen. We concentrated on building the future of our company resulting in a step by step improvement of our top and bottom line,” Merckens said.
“Our focus is on putting our strategy into action. We are on a multi-year journey and are determined to improve our performance and further consolidate our positions and brands.”
