Nortura CEO Arne Kristian Kolberg has said he is “satisfied” with the Norway-based meat processor’s performance in the first third of its financial year.
The company, which as a co-operative reports results in three four-month periods rather than quarters, posted higher revenue and EBIT for the period to the end of April. The business made a pre-tax loss, though lower than a year earlier, Nortura said.
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The business posted a 7% rise in revenue to NOK7.06bn (US$824.6m). Nortura said the increase was “largely” due to the changes it has made to its financial calendar, which meant this year’s four-month period was five days longer than last year. It also pointed to increased sales of sausages and bacon.
Nortura said its EBITDA grew 2.6% to NOK196m, with EBIT trebling to NOK6m. The co-op’s pre-tax loss for the period stood at NOK19m, down from NOK40m a year ago.
“I am satisfied with a sustained performance level in a four-month period that is historically weak compared to the rest of the year,” Kolberg said.
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The Nortura chief said the company had managed to eke out a 0.3% increase in the market share of products sold under its namesake brand.
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By GlobalData“We have for years seen a negative trend in the share of our brands. That in some key categories we are taking market share and our total share is maintained is gratifying.”
